Bounty Oil and Gas NL (ASX:BUY) Utopia 10 Well Spud

Sydney, Dec 2, 2010 AEST (ABN Newswire) - Bounty Oil and Gas NL (ASX:BUY) (PINK:BYOGF) announces that the Utopia 10 oil development well in Utopia Field; PL 214 Eromanga Basin, SW Queensland will spud today. The Utopia Field lies 50km southeast of the town of Eromanga.

Utopia 10 will be drilled vertically through the Murta reservoir zone to a total depth of 1100 metres BRT finishing in the Namur Sandstone. The reservoir will be fracture stimulated to increase flow rate.

This is the fourth development well drilled into the Murta zone since Bridgeport Energy assumed operatorship.

The well is planned to increase Utopia oil production and provide a path for the future development strategy to be adopted aimed at producing the substantial undeveloped oil reserves in the Utopia Field.

Utopia 10 will be followed immediately by Ufouria 1H a short offset horizontal development well in the Murta zone between the Ufouria 1 and Utopia 1 wells.

For the complete Bounty Oil & Gas announcement including the location map of the wells in Utopia Field, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/64338-ASX-BUY-615986.pdf

Contact

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