ConocoPhillips

Buccaneer Energy Limited (ASX:BCC) is pleased to advise that production from its Kenai Loop # 1 well commenced on 14 January 2012 (US time).

Buccaneer Energy Limited (ASX:BCC) is pleased to advise that it has executed a gas sales contract with ConocoPhillips (NYSE:COP), to supply natural gas to ConocoPhillips' LNG facility located on the Kenai Peninsula approximately 10 miles north-west of Buccaneer's 100% owned Kenai Loop project.

Texon Petroleum Limited's (ASX:TXN) third horizontal Eagle Ford (TR EFS #2H) commenced drilling on the 12th of June. The well is located on the Company's Leighton lease just to the north of Texon's first Eagle Ford well which tested at an initial rate of 1,200 bopd. The well will have a 4,500 feet horizontal section similar to Texon's first two Eagle Ford wells and it is expected that drilling and casing operations will take 35 days.

Australian Market Report of February 23, 2011 includes: Origin Energy Limited (ASX:ORG) announced government approval for liquefied natural gas joint venture project in Queensland; ZYL Limited (ASX:ZYL) signed non-binding Memorandum of Understanding for coal off-take at the Kangwane Project; Olympus Pacific Minerals Inc. (ASX:OYM) (TSE:OYM) signs a refining agreement with a Vietnamese firm; Aviva Corporation Limited (ASX:AVA) announced massive sulphide intercepts at the Bumbo Base Metal Prospect in Western Kenya.

Excellence in Mining & Exploration, Sydney's largest resource sector conference concluded Tuesday night with the National Mining Awards Gala Dinner in the Ballroom of the Sheraton on the Park Hotel, Sydney.

US stocks plunged significantly overnight despite a better-than-expected US manufacturing survey data. Falls in Asia and Europe markets put heavy pressure on the US stocks. Shanghai stocks dropped 5.8% Monday.

Australian shares closed lowered yesterday as investors expected a further fall on US market. The S&P/ASX 200 fell 86.8 points, or 2.3 per cent, to 3619.5, while the All Ordinaries was down 81 points, or 2.22 per cent at 3567.5. The financial stocks may be hit by International Monetary Fund's forecast of increasing toxic assets.

During yesterday's trading, Australian stocks closed lower for the second consecutive day on Thursday, falling by more than 4%. The market was dragged down by big losses in the resources sector amid renewed fears of a global economic slowdown. The two days drop gave up all the gains early this week.

Overnight the Wall St took a dive on grim economic news pointing to weaker growth and profits in the year ahead, with Dow Jones Industrial Average fell 7.87% for its biggest percentage loss since October of 1987. The US Federal Reserve's snapshot of business conditions said economic activity was weaker across all 12 districts in September and consumer spending fell in most regions.

Yesterday Australian shares rallied to their biggest one-day gain since October 1997. Confidence in Australian banks was buoyed by Prime Minister Kevin Rudd's announcement that all deposits in Australian financial institutions would be guaranteed for three years. Analysts said last week the market probably hit the bottom when investors were in the depths of fear and panic, but recovery may cost a long time. Despite the short-term buoyancy, the Australian market remains fearful of deeper plunges, especially if the powerful US market continues to falter.