Bounty Oil And Gas NL (ASX:BUY) Announce Successful Oil Development Of Utopia 11H Well

Sydney, June 3, 2011 AEST (ABN Newswire) - Bounty Oil & Gas NL (ASX:BUY) (PINK:BYOGF) is pleased to announce that the Utopia 11H development well at Utopia Oil Field has reached its final depth of 1264 m MDRT (1017.2 m TVD) having successfully drilled a 176.5m horizontal drainhole in the Murta reservoir. The well continued to encounter excellent oil shows in very good quality reservoir sands throughout the horizontal leg. The well has been cased and completed as a Murta oil producer. It is anticipated that the well will be placed on production before 30 June 2011.

Well Details:

Name: Utopia 11H oil development well

Permit: PL 214 Utopia Block, SW Queensland

Rig: Australian Drilling Services - ADS Rig 6

Total Depth: 1264 metres MDRT

Location: 1700 metres south southeast of Utopia 2 in the Utopia Field 50 km. south of Eromanga.

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 and drilled the horizontal drainhole from 1094 to 1264 m MDRT (1017 metres TVD). 4 1/2" production casing was set. The 2 7/8" production completion was installed and displaced the well bore to crude oil.

Rig Release: Following installation of a wellhead and pump the ADS 6 rig was released at 0100 hours today.

Commenting; Bounty's CEO Philip Kelso said:

"Bounty is very encouraged by the results of this first horizontal development well at Utopia. The directionally drilled horizontal leg has developed 176 metres of the Murta reservoir and encountered some sections of good quality reservoir san with strong oil shows. We look forward to a material increase in Utopia oil production from this well and anticipate that combined with the recently completed 3D seismic survey data the joint venture can aggressively move to develop the 3 million barrels of 2P reserves using horizontal drilling."

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