Bounty Oil And Gas NL (ASX:BUY) Ubute 1 Final Report - Utopia Block

Sydney, Nov 15, 2010 AEST (ABN Newswire) - Bounty Oil & Gas NL (ASX:BUY) (PINK:BYOGF) announces that the Ubute 1 oil exploration well within the northern section of the Utopia block (ATP560P) will be plugged and abandoned. Electric logs established the presence of thick sections of the Birkhead and Hutton Formations displaying reservoir quality sands but with only trace oil. These Formations contain major oil reserves in the area and proof of their presence upgrades the potential for stratigraphic traps in the Utopia Block and for conventional traps in ATP 789P Bargie South Block (100% Bounty) to the north.

The well has also contributed to understanding of potential oil migration pathways in the Utopia.Block.

Current operations - ADS 6 Rig setting abandonment plugs following completion of electric logs.

ADS 6 will immediately commence the next 2 wells in the program which will be development wells in the producing Utopia Oil Field.

Participating interests are:

- Bounty Oil & Gas NL 40%

- Bridgeport Energy Limited 60% (Operator)

Contact

Graham Reveleigh Chairman Tel: +61-7-4033-1805 Email: mining@cairns.net.au Philip F Kelso Chief Executive Officer Tel:+61-2-9299-7200 Email: geo@bountyoil.com http://www.bountyoil.com