Buccaneer Energy Ltd. - 2012-05-23

Executed a US$30 million revolving credit facility due Dec. 31, 2013 with Richmond Hill to fund receivables under Alaska, ACES exploration and development incentive program. The new ACES Facility matures 31 December 2013. This new ACES Facility replaces the facility put in place with Centaurus Capital LLC in December 2011 and simplifies the Company's security arrangements with its lenders. It will also enable the Company to access additional development capital in the near term.