Sydney, Australia (ABN Newswire) - Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGFQ) advises that, further to its announcement of 2 June 2014 that it had initiated voluntary Chapter 11 proceedings in the United States under the US Bankruptcy Code, on 2 July 2014, the Federal Court of Australia heard a successful application brought by BCC for recognition in Australia of the Chapter 11 proceedings opened in Texas.

The Federal Court recognised the Chapter 11 proceeding as a "foreign main proceeding" with the effect that no action against property or any litigation can be progressed against BCC in Australia without the Board's consent or the leave of the Federal Court. A full copy of the orders, and reasons for the decision, are available at the Federal Court of Australia website at:
http://www.fedcourt.gov.au

The Board will continue to keep the market informed of further material developments as they arise.



About Buccaneer Energy Limited:

Buccaneer Energy Limited (ASX:BCC) (OTCMKTS:BCGFQ) 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
Tel: +61-400-009-774
E-mail: ronn.bechler@marketeye.com.au