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AUSTRALASIAN ROAD SHOW - JUNE 2011

OPERATING PLATFORM COOK INLET, ALASKA

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Securities DisclaimerThis presentation is for informational purposes only and does not constitute an offer or sell, or solicitation to purchase, any securities. Such Offer can be made only through proper subscription documentation and only to investors meeting strict suitability requirements. Any failure to comply with these restrictions may constitute a violation of applicable securities laws.

Forward Looking StatementsVarious statements in this presentation constitute statements relating to intentions, future acts and events. Such statements are generally classified as “forward looking statements” and involve known and unknown risks, uncertainties and other important factors that could cause those future acts, events and circumstances to differ materially from what is presented or implicitly portrayedherein. The company gives no assurances that the anticipated results, performance or achievements expressed or implied in these forward looking statements will be achieved.

Reserves and ValuesAll reserves and valuations are presented for informational purposes and are not guaranteed or warranted by Buccaneer in any way. Anyone interested in a purchase or transaction involving one of the subject properties is encouraged to obtain independent professional verification and base their purchase decisions on their own analysis and their 3rd party input.

Competent Persons StatementInformation pertaining to Lee County project contained in this report were compiled by Gary Rinehart, BS in Geology from University of Oklahoma and who has had more than 35 years experience in petroleum geology. Mr Rinehart has consented to the inclusion in thisreport of the technical matters and information herein in the form and context in which it appears.Information contained in this report pertaining to the Alaskan projects was reviewed by Dr. Vijay Bangia, PhD in Petroleum Engineering from the University of Tulsa, who has over 30 years experience including employment by Shell Oil Company, Union Texas Petroleum,Burlington Resources and Renaissance Alaska. Dr. Bangia has approved the inclusion in this report of the technical matters and information herein in the form and context in which it appears.

DISCLAIMER

NOT FOR DISTRIBUTION WITHIN THE UNITED STATES OF AMERICA

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BUCCANEER STATISTICS

Shares Outstanding 683,755,473

Av. Daily Volume 6.4 million

Market Cap. @ $0.10 $68.3 million

Debt $1.4 million

Cash $7.0 million

Major Shareholders

Curtis Burton - CEO 13.1 million

Dean Gallegos - Director 12.6 million

Options Outstanding 252,714,390

Average Exercise Price $0.102

Expiry Dates Nov 12 – June 13

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• Kenai Loop Development

• New Field DiscoveryAlaska - Onshore

• Southern Cross Project

• 12.7 MMBOE – 2P ReservesAlaska - Offshore

• Swordfish & Pompano

• Low Risk / high impact field extensionShallow Gulf of

Mexico

OPERATING OVERVIEW & GOALS

BUCCANEER ENERGY - CORE FOCUS

• Oil development

• Austin Chalk & Eagle Ford ShaleTexas - Onshore

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ALASKA, COOK INLET – USA’S LAST GREAT FRONTIER

SUMMARY

Cook Inlet is “last frontier” for oil & gas start-up opportunities in Alaska No new oil field discovered in Cook Inlet since 1991 ! No new gas field discovered in Cook Inlet since 1979 !!

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COOK INLET - EXCELLENT FISCAL & COMMODITY ENVIRONMENT

• Less than 1.0%Severance Tax (Oil)

• US$7.00 MCF Floor / US $10.00 MCF Cap

• Negotiated directly with utilities & end usersGas Prices

• 40% of seismic, drilling etc costs rebated to Buccaneer

• 20% of facilities-related CAPEX (platforms, flow-linesand pipelines) rebated to Buccaneer

• Annual Loss Credit allowance (NOL) equal to 25% offront-end loaded (pre-production) expendituresrebated to Buccaneer

Alaska’s Clear and Equitable Shares

(ACES) Cash Rebates

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Designed to incentivise the movement of a jack-up rig to the Cook Inlet

Major cash rebate for first 3 offshore wells in Cooks Inlet

BCC well placed to be the first mover in mobilising jack-up rig into the Cook Inlet

COOK INLET – SPECIAL ACES INCENTIVE (Introduced in May 2010)

• 100% of well cost up to US$25.0 M - Cash Rebate1st Cook Inlet Well

• 90% of well cost up to US$22.5 M - Cash Rebate2nd Cook Inlet Well

• 80% of well cost up to US$20 M - Cash Rebate3rd Cook Inlet Well

BCC’s first offshore hole expected to be a “near zero” cost well post rebates

In discussions with banks to bridge fund ACES rebates, substantially reduce upfront capital requirements

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Leased, Permitted & Successfully Drilled within 9 months !

100% working interest / 82.0% NRI – 8,988 Acres

New Field Discovery - Significant Project

Adjacent to Marathon’s Cannery Loop Field - 175 BCF Produced (22 MMBOE)

COOK INLET – DEVELOPMENT PROJECTS

KENAI LOOP (ONSHORE) – HIGHLIGHTS

KENAI LOOP # 1 - ECONOMICS

Long Term Production Rate 6.0 - 8.0 MMCFD (750 – 1,000 BOEPD) for 3-5 years from 2 of 16 zones tested

Gas Price Assumption $7.00 MCF

Net Cash Flow @ 7.0 MMCFD $12.6 million (# 1 well from 2 zones only)

Net Operating Margin $5.00 MCF

EUR ~10 BCF + from 2 of 16 zones tested

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KENAI LOOP – ONSHORE UNDEVELOPED ACREAGE

Flow Tested 10.0 MMCFD on 20/64” Choke

AOFP 33.2 MMCFD

Zones Tested 2 of 16 Zones intersected

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Cannery Loop Unit #4 (Upper Tyonek Reservoir) Cum Prod - 24 BCF

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• 10 + wellsFull Field Development

COOK INLET – ONSHORE ACREAGE IN DEVELOPMENT

KENAI LOOP # 1 – DEVELOPMENT COSTS

GROSS –US$

NET of ACES REBATE

Annual Cash Flow from KL# 1

Payback

Drilling & Completion $6.0 M $2.0 - $2.5 M

Pipeline & Facilities $5.0 M $2.5 - $3.0 M

Total Kenai Loop # 1 Cost $4.5 – $5.5 M $12.6 M 4-6 months

Additional Wells $6.5 M $2.5 - $3.0 M

• Late 4th Quarter 2011Kenai Loop # 1 Production Commence

• 3rd Quarter 2011Kenai Loop # 2 Spud

• 3-5 wellsStage 1 Development Plan (6-12 months)

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SOUTHERN CROSS UNIT – 1st OFFSHORE WELL

100% working interest – 80.0% NRI

Netherland Sewell booked reserves

2P Reserves – 12.7 MMBOE (78% oil) + P50 Resource – 14.7 MMBOE (75% oil)

Multiple pay sands and on Structure twin historical well that tested gas –not developed !

Deeper Tyonek and Hemlock oil potential – 90’ Drill Stem Test in 1960’s well

Chevron’s Baker Platform ~ 1.5 mile south

Operating Costs < US$10.00 / BOE

COOK INLET - OFFSHORE UNDEVELOPED ACREAGE

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SOUTHERN CROSS UNIT

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NORTH WEST COOK INLET – 2ND OFFSHORE WELL

98.0% Working Interest (av.) – 79.0% NRI

Netherland Sewell - P50 Resource 49.4 MMBOE

Adjoins ConocoPhillips field that has produced 1.8 TCF (225 MMBOE)

Multiple pay sands on Structure

Well drilled < 1 mile from lease boundary produced 88 BCF (11 MMBOE) (Phillips # A-13)

Deeper oil opportunity 5 previous wells tested oil in Lower Tyonek & Hemlock –never produced !

Shell well most northerly, tested at 2,270 BOPD from Lower Tyonek ~1 mile from lease boundary

Lower Tyonek & Hemlock extend into Buccaneer leases

COOK INLET - OFFSHORE UNDEVELOPED ACREAGE

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NORTH WEST COOK INLET

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50/50 JV with Ezion Holdings (Singapore listed)

AIDEA (semi-gov. investment corporation) owns 100% Preferred Equity

AIDEA interest repurchased from cash flow over 5-6 years

JACK – UP ACQUISITION

KENAI OFFSHORE VENTURES OWNERSHIP & PARTNERS

Illustrative Only - Picture not of rig under negotiation

Joint Ownership Agreement with AIDEA executed

Senior Debt Facility Term Sheet Executed –Moving To Final Documentation

Finalising modification budgets and scheduling with Asian shipyard

ACQUISITION STATUS

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SHALLOW GULF OF MEXICO

85% working interest

Extension to Pompano field -2 wells drilled & completed in 2008

Plan to drill in in 2011

Multiple stacked pays – low tomoderate risk

Anticipated IP’s 10 – 20 MMCFDproduction rate

Tie into Pompano Infrastructure

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SWORDFISH – FIELD EXTENSION

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Middle Austin Chalk – intersected in Alexander # 1 well (Producing)

Lower Austin Chalk – intersected in Vick # 1, Vick # A2 (Producing) and Alexander # 1 (Producing)

Eagle Ford Shale – oil saturated

LEE COUNTY – PRODUCTION TARGETS

THREE EMERGING PRODUCTION HORIZONS

Illustrative only - not indicative of structure

TWO DEEPER EXPLORATION HORIZONS

Edwards – flowed gas at 10.8 mmcfd in 1940’s well

Sligo – oil bearing with drill stem tests (DST) in 1940’s well

52.5% WI in 2,349 acres gross –Austin Chalk & Eagle Ford

3 wells drilled to date with 2 wells on production

Potentially 20+ wells to develop acreage

CURRENT OPERATIONS

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THE NEXT 6 MONTHS

June / July 2011

• Execute Joint Ownership Agreement with AIDEA

• Finalise Senior Debt Facility

• Finalise modification budgets

• Complete Rig Acquisition

3rd Quarter 2011

• Spud Kenai Loop # 2

• Rig into shipyard for modifications

• Complete 12 month Funding Requirements

• Finalise ACES Bridge Funding Facility

4th Quarter 2011

• Kenai Loop # 1 on production

• Rig shipyard modscomplete – rig operational

PLANNING

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KENAI LOOP – CLOSE TO INFRASTRUCTURE !

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SOUTHERN CROSS UNIT – NETHERLAND SEWELL RESERVES & RESOURCES

100% working interest – 80.0% NRI

COOK INLET - OFFSHORE UNDEVELOPED ACREAGE

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NORTH WEST COOK INLET – NETHERLAND SEWELL RESERVES & RESOURCES

100% working interest – 80.0% NRI

COOK INLET - OFFSHORE UNDEVELOPED ACREAGE

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Kenai Loop Field – New Field Discovery

Jack-up rig – Buccaneer will hold the Cook Inlet development key

Southern Cross & North West Cook Inlet – Company makers

Gulf of Mexico (Pompano & Swordfish) – Low Risk Field Extensions

Lee County multi well oil development

Proven strong management team

Focus on Low Risk developments nearby to infrastructure

Always maintains operational control

CONCLUSION

WHY BUCCANEER?

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ADDITIONAL INFORMATION

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KEY OPERATIONAL MANAGEMENT – LOWER 48 TEAM

Curtis Burton MD & CEO

• 30+-year operations veteran

• Operating positions with Texaco, Seaflo Systems & SedcoHamilton Production Systems.

• President, Marine Products and Services Division of Grant Prideco Inc.

• President of Total Offshore Production Systems (TOPS) subsidiary of R&B Falcon, VP Reading & Bates Development Co.

• Co-founded & directed (5 years) DeepSTAR - Texaco’s cooperative deepwater technology-development vehicle

• Registered Professional Engineer. Member of the National Ocean Industries Association.

• BS. in Mechanical Engineering from the University of Texas

Clint Wainwright JrEVP Operations & Business Development

• 34 years experience operating properties offshore Gulf of Mexico and onshore in Texas and Louisiana.

• Responsible for and/or significantly involved in oil and gas discoveries and field extensions in onshore and offshore Louisiana and offshore Texas in the Gulf of Mexico.

• Principal of AnaTexas an Operator of onshore and offshore projects

• Registered professional petroleum engineer

• BS. in Petroleum Engineering from Louisiana State University

Andy Rike Director Operations

• 31 years experience in engineering and management

• Extensive experience in drilling and work-over activities and record of successfully using new technology to develop oil and gas properties from the Middle Eastern deserts to the North Slope of Alaska.

• Published various technical papers and magazine articles related to those designs, holds several industry patents for rig and down-hole equipment

• Petroleum Engineering degree from Louisiana Tech University

Gary Rinehart Chief Exploration Manager

• 35 + years of exploration, exploitation and production experience in the United States and International arenas

• Experience includes oil and gas E&P projects in south-east Asia, South America, onshore U.S. Gulf Coast , and offshore U.S. Gulf of Mexico, both shallow and deep water.

• Proven explorer with numerous domestic and international successes credited to his ideas.

• Licensed Petroleum Geologist, Certified Petroleum Geologist

• BS. in Geology from the University of Oklahoma

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KEY OPERATIONAL MANAGEMENT – BUCCANEER ALASKA TEAM

James S. WattCEO & President

• Began career working for Texaco in field production and operations engineering, advancing to Area Engineer and then as a Reservoir Engineer.

• Jim then spent 17 years at Union Texas Petroleum (UTP) in various positions from Manager, Project Manager to Vice-President and General Manager

• At UTP was the project manager for several key domestic and international projects, including a field development in Indonesia, the Piper B and Saltire developments in the North Sea and the development of the Alpine on the North Slope of Alaska.

• After UTP CEO and director for both Orient Petroleum & Osprey Petroleum.

• 10+ years experience in Alaska

• Registered Texas Professional Engineer

• BS. in Chemical Engineering from The Ohio State University and a Masters of Business Administration from Eastern New Mexico University

Mark R. LandtEVP-Land & Admin.

• Began career with ARCO where he spent 25 years with several different Land, Acquisition, Divestiture and Managerial positions in the USA & International

• 32 years of diverse experience in land, acquisitions, international negotiations, business development and marketing

• 15 years of direct experience in Alaska and 5 years located in Alaska

• Integral to the land and negotiations effort that resulted in the discovery of Alpine.

• Joined a startup company that was successful in capturing a dominate position on ARCO’s Sunfish discovery in the Cook Inlet

• Bachelor of Business Administration in Petroleum Land Management from the University of Oklahoma

Allen HuckabayEVP Exploration

• Allen career at Union Texas Petroleum as an Exploration Geologist and held several positions including Vice-President of Exploration

• At UTP Principal Explorationist & exploration manager during the ARCO Alaska Colville Delta Drilling campaign, which led to the discovery of Alpine field, the largest oilfield discovered in the onshore USA in over a decade.

• Principal Explorationist for Alaska for Phillips Petroleum Company after takeover of ARCO Alaska.

• 25 years of direct experience in Alaska

• BS. in from Southern Methodist University and a Masters of Science from the University of South Carolina

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BOARD OF DIRECTORS

Alan Broome, AMChairman (Australian based)

• Chairman of CRL Energy Limited, and a Director of the New Zealand state owned coal mining company Solid Energy

• Sits on the Minerals Sector Advisory Council of the CSIRO, the Mining Advisory Committee of Austrade; and is a Director of the New Zealand Coal Association

• 20 years experience in the Secondary Metals Industry and previously Managing Director of a major Australian Coal Industry group

• In 2000 was awarded the Order of Australia (AM) for service to the mining industry

• In 2005 he was awarded the AusIMMPresident’s Award for contributions to the development of the Australian mining supply sector

Frank CulbersonNon-Executive Director (US based)

• Currently President and CEO of RimkusConsulting Group, a 400-person forensic consulting and engineering firm based in Houston

• Began his career with Shell Oil Company as a process engineer and operations coordinator

• 30 years experience in energy and business consulting, including numerous assignments as principal in charge of major studies and evaluations

• BS. in Chemical Engineering from North Carolina State University and a MBA from the University of Houston

• Registered Professional Engineer in Texas and Florida, member of the American Institute of Chemical Engineers

Dean GallegosFinance Director (Australian based)

• 18 years experience in Australian and International capital markets

• Previous experience as a corporate advisory at a mid-tier firm focusing on developing companies

• Expertise in raising both debt and equity capital, planning and supervision of exploration budgets, shareholder relations, corporate governance and compliance under regulatory framework.

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Buccaneer Energy Limitedwww.buccenergy.comFor More Information Contact:

Dean GallegosLevel 9, 25 Bligh Street

Sydney NSW 2000+ 61 416-220007

Curtis Burton952 Echo Lane • Suite 420

Houston, TX 77024+ 1-713-468-1678

CONTACT DETAILS