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NEWS BULLETIN

April 18, 2011 --- Vol. 17, No. 32April 2011

Buccaneer spuds first Alaska well

Buccaneer Alaska Operations LLC spud its Kenai Loop No. 1 well at 3 p.m. on April 15 using the Glacier Drilling Rig No. 1, the company announced this morning.

The well, north of the Cannery Loop unit and the city of Kenai, is the first in Alaska for the local subsidiary of the Australian-independent Buccaneer Energy Ltd.

The company said drilling had reached the point designated for surface casing at 3,075 feet and preparations were under way to log the surface interval. Buccaneer intends to drill Kenai Loop No. 1 to a total depth of 10,500 feet to reach multiple targets, starting with a potential zone in the Beluga formation. The company expects drilling to last for another 20 days.

Kenai Loop No. 1 is the second exploration well in the Cook Inlet basin this year, following the Shadura No. 1 well that local independent NordAq Energy Inc. drilled in mid-February.

See more in April 24 issue of Petroleum News, available online at 11 a.m., Friday, April 22 at www.PetroleumNews.com

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