Buccaneer Energy and the Kenai Chamber of Commerce Announce the Winner of the "Name the Rig” Contest

Buccaneer Energy (ASX: BCC) is proud to announce the winner of the "Name the Rig” contest recently held to name the LeTourneau 116-C jack-up rig the Company is bringing to the Cook Inlet, Alaska. A combination of two submissions, Endeavour and The Spirit of Independence made by Ed Marker and Erik Lindow respectively, was selected as the combined winning name from over 300 entries, from primarily Alaskan residents, but also from other individuals around the world.

"We received so many excellent submissions that we simply couldn’t choose just one, but decided to select two that we felt captured the essence of what bringing a jack-up rig to the Cook Inlet is all about – energy and economic independence for Alaska,” said Curtis Burton, CEO of Buccaneer Energy.

Endeavour, The Spirit of Independence is a world-class jack-up rig. Robust and standing at over 300 feet tall, she is worthy of her name and supremely capable of operating off Alaska’s shores. When she arrives, she is most certainly here to stay and will play a large role in not only providing energy for the state, but also helping to spur the local economy by creating an estimated 300 jobs. Endeavour, The Spirit of Independence is:

• Capable of drilling to 20,000 feet, in 18 to 300 foot water depths
• Able to lift 60 feet to work on platforms
• High grade steel rated for temperatures as low as -10 degrees
• Strong legs for stability in the heavy currents of Alaskan waters
• Alaskan Based and Headquartered

Endeavour was a popular name that was submitted several times, but the first person to submit it was Ed Marker, resident of Kenai, Alaska. Spirit of Independence was submitted by Erik Lindow, also a resident of Kenai. Mr. Marker and Mr. Lindow will both be honored and presented a plaque at the October 1^st Kenai Chamber of Commerce 27th Annual Beer & Wine Experience. Additionally, the winners will also receive a special tour of the rig when it arrives in the Cook Inlet.

Buccaneer received so many strong and compelling entries, the Company decided to publicly recognize additional names as follows: First runner-up: Resolution, submitted by Brendan Williams of Australia; Honorable Mentions: Cheechako, which means "newcomer to Alaska,” submitted by Wade Thomas of Anchorage, Alaska and Spirit of Alaska, submitted by Bob St. John of Nikiski, Alaska.

In 1770, Lieutenant James Cook commanded the British Royal Navy ship, HMS Endeavour, when he was the first to land on the east coast of Australia. In 1778, the then Captain Cook commanded the HMS Resolution to the discovery of the Cook Inlet, Alaska. "Like Buccaneer Energy, a company that is both Australian and American, the rig name ties together Australian and American history and the spirit of exploration and independence. We were thrilled to have such a large number of names submitted. Many came with explanations of how the name would relate and be significant, and many came with personal meaning and stories. We’d like to thank everyone that submitted a name and appreciate the support and words of encouragement that were offered to us. We look forward to being a large contributor to the Alaskan landscape for many years to come,” Mr. Burton commented.

For more information on the rig, Endeavour, Spirit of Independence, including technical details and pictures, see www.KOVAlaska.com.

About Buccaneer

Buccaneer Energy Limited is an energy exploration and production company traded on the Australian Stock Exchange (ASX:BCC). Through its wholly owned subsidiaries, Buccaneer Resources and Buccaneer Alaska, the U.S. headquartered independent is focused on acquiring significant working interests in undervalued, low-risk development properties that possess significant undeveloped upside potential. The Company places a premium on bringing both regional and local expertise to each opportunity, and as a result, its opportunistic approach to finding hydrocarbons, is not limited by geographic considerations. Buccaneer Alaska focuses on developing opportunities in the Cook Inlet of Alaska which includes the Kenai onshore project and several offshore opportunities. Buccaneer Resources is focused on the Gulf of Mexico, onshore opportunities in the lower 48, and certain international opportunities.