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Explore, Discover & Develop.
Buccaneer is an upstream oil and gas company. It specialises 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 that possess a significant undeveloped upside.

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Pompano

WI (operator):	65.0% Buccaneer (operator) 25.0% Elixir Petroleum 7.5% Baron Petroleum 2.5% Streamline Exploration
Location:	TX state waters, Brazos Block 446
Water Depth:	~ 55 ft.
Production:	2 wells producing
Work Plan:	2 additional wells planned for late 2010; 4 additional targets identified
In General:	Low-risk, low-cost, rapid turn-around gas and condensate redevelopment, extension and exploration project with PUDs in multiple zones. Buccaneer initially acquired a 90% WI and retained a 65% WI after farm-out.
Operational Simplicity (drill-ready, rapid develop.):	Prior Production/PUDs: Pompano produced approximately 120 BCF of gas between 1968 and 2003. PDPs assigned to 2 wells and PUDs assigned to 5 wells. Infrastructure: Facilities with assessed replacement value of ~$15 MM including: (1) production platform with 25 mmcfpd of gas production handling capacity and other satellite structures connected by flowlines to the production platform, from which new wells can be drilled, completed and connected to rapidly initiate production and sales and (2) existing gas gathering pipeline providing immediate access to market. Identified targets: At least 4 opportunities in addition to the 2 planned wells. Simple working environment: located in ~55 ft of water, ~28 mi. east of Port OConnor, TX, and ~94 mi. southwest of Houston, TX.
Multiple Pays:	All Pompano wells target stacked pays where potential exists for multiple reservoirs to be identified and produced. Buccaneer forecasts at least 2 additional wells in 2009 Remaining resource potential in Pompano estimated at ~50-100 bcf. Additionally, the Company recently acquired Redfish property

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