Bounty Oil and Gas NL (ASX:BUY) Utopia 10 Oil Well Successfully Intersected The Target

Sydney, Dec 8, 2010 AEST (ABN Newswire) - Bounty Oil and Gas NL (ASX:BUY) (PINK:BYOGF) is pleased to announce that the Utopia 10 oil well in the Utopia Field, SW Queensland has successfully intersected the target Murta Formation producing zone at the predicted depth of 1018 metres BRT and has reached total depth (TD) of 1141 metres BRT.

The Murta reservoir returned 100% oil fluorescence over 7 metres from 1018 metres to 1025 metres BRT.

The forward plan is to run suite of wireline electric logs and run production casing. Data will be analysed to design a fracture stimulation programme.

Well Details:

Name: Utopia 10 oil development well

Permit: PL 214 Utopia Block

Rig: Australian Drilling Services - ADS Rig 6

Actual Total Depth: 1141 metres BRT.

Location: 500 metres south southeast of Utopia 2 in the Utopia Field 50 km. south of Eromanga and 15 km. southeast of the Tarbat oil facility

Objective: Murta Member

Progress: Well was spudded on 2 December 2010 and following setting and pressure testing of the surface casing at 137 metres the well drilled ahead with an 8 1/2" bit to TD of 1141 metres. 100% oil fluorescence was recovered from the Murta Reservoir from 1018 - 1025 metres BRT

Forward operations: Run Wireline Logs case and suspend well
Participating interests in the Block are: Bounty Oil & Gas NL 40%; Newport Energy Pty Ltd (ASX:NPE) 60% (Operator)

Commenting; Bounty's CEO Philip Kelso said:

"Utopia 10 has extended the proved oil zone at Utopia further south from proved wells, provided further validation of the lower oil/water contact indicated from the 3 well program earlier in 2010 and provided drill proven support for the projected reserve increases reported to shareholders.

Bounty is very encouraged by this important result which will underwrite further production out of Utopia. The well will be cased pending a completion program.

A further development well will commence shortly."

Contact

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