Sydney, Australia (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGYF) advises that it requested and was granted a voluntary suspension that started on 19 February 2014 to allow the company to work with its secured financier regarding the availability and sources of funds to provide a clear path to the repayment of its secured creditor by 30 June 2014.

The company advises that the secured creditor, Meridian Capital CIS Fund (Meridian CIS), an affiliate of Meridian Capital International Fund (Meridian), has advised the Company that it is in the process of selling its debt with Buccaneer to AIX Energy LLC based in Houston, Texas with a proposed settlement effective 30th April 2014. The company will now work with the new secured creditor to determine the strategy to allow the company to deal with the debt and ongoing operations.

The company will make further announcements to the ASX as soon as it is able, but no later than 31 May 2014.



About Buccaneer Energy Limited:

Buccaneer Energy Limited (ASX:BCC) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.

The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:

- Assets with attractive economics;
- Assets that have existing infrastructure in place that can be accessed;
- Assets near a commercial market that has been de-risked; and
- Assets that have multiple stacked pay targets.

Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.



Source:

Buccaneer Energy Limited



Contact:

Ronn Bechler
Managing Director, Market Eye
E: ronn.bechler@marketeye.com.au
T: +61-400-009-774