New Funds for Buccaneer to Fund Development of Projects

  
    
  
  
    
      Buccaneer Energy is pleased to announce that it has finalized a $5 
      million credit facility with Macquarie bank in Australia. This initial 
      tranche of funding is part of a significantly larger facility being 
      negotiated. The capital will supplement the company�s 
      excellent cash flow coming from the two recently drilled wells producing 
      on the Pompano project. All the funds will be used to continue 
      development of Buccaneer�s Pompano and other 
      projects.
    
    
      Macquarie bank is one of the largest banks in Australia and is an ideal 
      partner for Buccaneer Energy. In addition to the credit line, Macquarie 
      has received a small number of unlisted options in the company that 
      mature at a $0.40 share price.
    
    
      �Using Macquarie to supplement our cash flow 
      from production is just one more step in executing our business plan,� 
      said Curtis Burton, CEO of Buccaneer Energy. �Our 
      current cash flow from production, combined with external capital, will 
      allow Buccaneer to rapidly diversify its production and augment its 
      bottom line much more rapidly than simply progressing development on the 
      basis of cash flow.�
    
    
      Buccaneer Energy is off to a running start. After going public in 
      November 2007, the company successfully drilled two wells and put them 
      into production within the first six months of operation as a public 
      company. The company also has outlined an aggressive drilling program 
      that could include up to eight more wells before the end of 2008.
    
    
      For more information on Buccaneer and upcoming projects, visit www.BuccEnergy.com.
    
    
      About Buccaneer
    
    
      Buccaneer Energy�s wholly owned 
      subsidiary Buccaneer Resources is based in Houston, Texas, and is 
      an upstream oil and gas company. It specializes in the development and 
      expansion of behind-pipe proved and probable reserves and low-risk 
      exploration plays with growth potential.
    
    
      Buccaneer�s growth strategy is focused on the 
      progressive expansion of oil and gas production and reserves by 
      acquiring significant working interests in low-cost, low-risk 
      development properties possessing significant undeveloped upside.
    
    
      About Macquarie
    
    
      Macquarie Group Limited (formerly Macquarie Bank Limited) is an 
      Australian merchant bank and financial services group that provides a 
      broad range of products and services to investors, corporations and 
      government. Its global headquarters are located in Sydney, and it is 
      listed on the Australian Securities Exchange (ASX). It is the only 
      large, majority Australian-owned investment bank.