Bounty Oil and Gas NL (ASX:BUY) Chairmans Address at Annual General Meeting

Sydney, Nov 29, 2010 AEST (ABN Newswire) - Bounty Oil and Gas NL (ASX:BUY) (PINK:BYOGF) releases the Chairman's Address given to the Annual General Meeting held 29 November 2010.

As shareholders you will be aware of the achievements of your company in what has been a year of excellent progress. I refer shareholders to the Annual Report for details of the year in review and will comment briefly on a few key factors before dealing with questions on the audited Financial Report and Auditors Report to shareholders.

- Income from petroleum production has increased during the year from A$441,708 to A$659,148, or by 49%

- Recoverable reserves attributable to Bounty Oil have increased from 1.69 MMboe to 3.6 MMboe, or by 113%.

- BUY participated in drilling 5 wells during the financial year, 3 at Utopia, one in the Naccowlah Block and one in PEL 218,S outh Australia all of which contributed to our resources.

- The company is currently participating in a 3 well drilling programme at Utopia with Utopia 10 due to commence on 1 December 2010.

- I am pleased to advise that hand over of the "Ocean Patriot" semi submersible drill rig to our farm in partner Advent Energy is expected around 7 December.

- This will be the start of the process to drill New Seaclem 1 well to test the gas prospects in PEP 11and is an exciting milestone for Bounty and its shareholders.

- Now the rig handover is closer we expect the well to be spudded in mid December and updates will be issued to ASX.'

Our ongoing exploration and development programs cannot be continued without funding. Your Board has put in place funding initiatives to provide capital to fund programs, to increase the company's recoverable petroleum reserves and build its income.

The non renounceable 1:10 rights issue will close on 10 December 2010 and all shareholders will shortly receive the documents and application forms. We strongly urge shareholders to participate in the issue.

I wish to take this opportunity to thank our management team and staff for their untiring efforts during the year, and I look forward enthusiastically to the drilling of New Seaclem 1 in PEP 11, and the two development wells at Utopia.

Contact

Philip Kelso Chief Executive Officer Tel: +61-2-9299-7200 Email: geo@bountyoil.com http://www.bountyoil.com