Buccaneer Energy Limited (ASX:BCC) Acquisition Of Additional Working Interest From Chevron Corporation (NYSE:CVX)

Sydney, Aug 24, 2010 AEST (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (PINK:BCGYF) ("Buccaneer" or "the Company") is pleased to advise that its wholly owned subsidiary Buccaneer Alaska, LLC has entered into a binding agreement with Chevron Corporation (NYSE:CVX) to acquire the remaining 50% working interest (2,506 net acres) that it does not already own in 2 leases on its North Middle Ground Shoal (Southern Cross Unit) structure in the Cook Inlet, Alaska.

This acquisition gives the Company a 100% WI in all the leases that cover the North Middle Ground Shoal structure, which equates to a net 10,108 acres.

Please view the following link for a fact sheet on the project and a map showing its location within the Cook Inlet, Alaska.

http://www.abnnewswire.net/media/en/docs/63582-ASX-BCC-603010.pdf

Contact

Dean Gallegos Director Mob:+61-416-220-007 Ph: +61-2-9233-2520 http://www.buccenergy.com