Projects

Primary Project

Pompano Project - Buccaneer 65% Working Interest

• Low risk development project, offshore Gulf of Mexico in 55 feet of water.
• Existing field which has produced 120 BCF.
• Significant production infrastructure in place.
• Commitment to drill 1 well, options over 5 additional wells.
• Drilling to commence on Commitment well by the end of 2007 calendar year.
• Drilling on first Option well early 2008.
• Reserves of 1P of 11.8 BCF, 2P of 56 BCF and 3P of 147 BCF for first 4 well locations.
• Production to commence within 60 days of successful well completion.

The Pompano Field Prospect is located approximately 28 miles east of Port O’Connor, Texas and approximately 94 miles southwest of Houston, Texas. The Pompano field is located in the Gulf of Mexico in approximately 55’ of water.

The leases were acquired from the State of Texas by AnaTexas. The field produced approximately 120 BCF of gas between 1968 and 2003.

By a Letter of Intent (“LOI”) dated June 11, 2007 between AnaTexas and Buccaneer Resources, LLC (“Buccaneer”), Buccaneer agreed to purchase 90% of the AnaTexas leasehold in the Pompano Field Prospect for US$1,500,000, the payment of which has been completed.

Under the terms of that LOI, Buccaneer has committed to drill 1 test well and has options over a further 5 wells. It is the intention to drill the first test well by the end of the 2007 calendar year and the first option well in January 2008, this timetable will be largely determined by the availability of drilling rigs in the Gulf of Mexico.

A Participation Agreement was executed on 11 August 2007 under which AnaTexas will be the designated operator of the drilling and production operations to be governed by a Joint Operating Agreement.

Buccaneer Energy has subsequently sold a 25% working interest and retained a 65% working interest.

The initial focus of this program will be the drilling of the first Test Well AnaTexas #1 M-103229, if this well is successful in its objectives then re-development of the Pompano field will commence.

Buccaneer Energy may sell down up to 10 - 20 % of their Working Interest under appropriate commercial terms.

Secondary Projects

Cove Deep Prospect – Buccaneer 32% Working Interest

• High impact exploration project, offshore Gulf of Mexico in 50 feet of water.
• The trap is mapped on 3D seismic data and is amplitude supported, anticipated reservoir is 120 feet thick with down dip well control.
• Four miles to the southwest, the Matagorda Island 519 Field has produced about 351 BCF and 628,000 barrels of condensate from the Cove Deep’s equivalent geologic section.
• Drilling to commence in first half 2008.
• In the high side case a single well is capable of producing over 30 BCF with initial production rates of 15 mmcfgd or greater.
• P90 of 11 BCF and P50 of 31.5 BCF and P10 of 75.5 BCF.

Lee County Prospect – Buccaneer 50% Working Interest

• High impact exploration project, on shore south-eastern Texas.
• Independent Geologist states that “this prospect area has the potential size to be a company making project”.
• Lies in the prolific upper Gulf Coast area and contains the same prospective sedimentary section that has produced over 1 billion barrels of oil and 10 trillion cubic feet (TCF) of gas.
• The location lies in close proximity (about 25 miles from) to the giant Giddings Field that has produced some 4.8 TCF gas and 750 million barrels of oil from the Austin Chalk.
• Recent Log reinterpretation indicates multiple hydrocarbon bearing zones with over 350 feet of potential reservoir thickness between 5500 and 8500 feet.
• A previous well flowed at 10.8 mmcfgd gas on a 24 hour test and was shut-in due to lack of gas market at the time. Significant volumes of oil were recovered in the drill string while performing Drill Stem Tests (DST’s) when drilling. First well in the program will “twin” this well.
• Unrisked recoverable resource potential P90 of 20 BCFe and P50 of 50 BCFe and a P10 of 185 BCFe.

Bright Star (Smackover) – Trend Play

• First field discovered in 1953. Early production focus was oil (200-1,000 bopd production), gas was recycled due to a lack of infrastructure or market.
• There have been 122 fields discovered in the trend with cumulative production of 3.1 TCF and 98.7 million BO. There are 462 successful wells in the trend with an average production of 6.6 BCF and 213,000 barrels of oil and condensate per well.
• Exploration and development ceased in the mid 1990’s due to low product prices. The play has not yet been rejuvenated and is still not mature.
• Opportunity to develop at ground floor that will be able to target lower risk development wells in partially developed fields and larger untested exploration prospects.
• Prospect generator has estimated that 1.0 to 1.5 TCF of additional gross gas reserves are yet to be discovered and/or developed.
• Prospect generator estimates unrisked potential for five of the identified exploration prospects at approximately 480 BCF gross gas.

Millennium Explorer (MEX) – Strategic Alliance

• Strategic Alliance with group that identified and leased Pompano project.
• Existing pipeline of 15 projects mainly in the Gulf Coast region, 12 of which have been worked up and are ready to be advanced.
• Mixture of development (Pompano) and exploration (Cove Deep) style properties.
• Buccaneer Energy has first right opportunity to review and acquire properties.
• MEX principals are existing Buccaneer shareholders.