Buccaneer Energy Updates on Kenai Loop Project in Alaska

Buccaneer Energy Limited announced that the 100% owned Kenai Loop project has now produced a total of 3.0 billion cubic feet (“BCF”) of gas (500,000 BOE) since the commencement of the field’s production in January 2012.

Since the completion of the commissioning of the Kenai Loop facilities in February 2012 virtually no production time has been lost due to the production facilities or well performance. This excellent accomplishment was a direct result of the initial design and construction of the field’s production facilities by the Company’s in-house engineering team and the oversight and maintenance by the Company experienced field operations staff.

The Kenai Loop # 1 well has been on production for approximately 17 months and has not experienced production decline during this timeframe; the well’s production rate has been increased twice.

The Kenai Loop # 4 well has been on production for approximately 4 months and again has not experienced production decline during this timeframe.

The production in May 2013 was a record for the Company with a total of 300,593 MCF produced from the two wells, this is a 91% increase over production in May 2012. Total gross production revenue in May 2013 was almost US$1,889,000 which is the second highest on record.