Bounty Oil and Gas Nl (ASX:BUY) Announce Utopia 11H Drilling Update

Sydney, May 30, 2011 AEST (ABN Newswire) - Bounty Oil & Gas NL (ASX:BUY) (PINK:BYOGF) is pleased to announce progress on the Utopia 11H development well at Utopia Oil Field.

At 05:00, 30 May 2011 the Utopia 11H well was at 1094 m MDRT (1017 m TVD) in the Murta reservoir having successfully drilled to horizontal over the week end. The well encountered excellent oil shows in the reservoir in good quality reservoir sands. The horizontal section of the well will be drilled out for a further 200 - 300 metres depending on conditions encountered over the next 24 hours.

Well Details:

Name: Utopia 11H oil development well

Permit: PL 214 Utopia Block, SW Queensland

Rig: Australian Drilling Services - ADS Rig 6

Planned Total Depth: 1370 metres MDRT

Location: 1700 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 18 May, 2011.Surface casing was set at 140 metres MDRT. The casing was then pressure tested. The well drilled ahead with an 8 1/2" bit to 900 metres where 9 5/8" casing was set. The well then commenced the build to horizontal using a directional drilling assembly which was achieved at the target depth of 1094 metres MDRT (1017 metres TVD). Current operations are tripping out of the well to change the drilling assembly for the horizontal section.

Forward Operations: Drill ahead to TD, run wireline logs and set production casing

Participating interests in the PL 214 are:
- Bounty Oil & Gas NL 40%
- Bridgeport Energy Pty Ltd 60% (Operator)

Contact

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