Curtis Burton, Former CEO of Buccaneer Energy, Issues Letter to Shareholders Announcing Resignation

Curtis Burton, former CEO of Buccaneer Energy, sent a letter to shareholders announcing his resignation from the board.

The text of the letter follows:

As of Wednesday May 7th, I hereby resign from the board of Buccaneer Energy (ASX:BCC) and its associated affiliates.

In January of this year I, along with the management team, submitted to The Board of Buccaneer and our primary lender (Meridian) a plan to revitalize the stock and pay off the company debt. The management team also identified a funding mechanism to proceed with the necessary transactions to achieve those goals that did not include further dilution of the shareholders.

The board led by its newest members elected to pursue a different course and removed me from the CEO position. Since that time they have pursued liquidation of assets as an alternative. Since those decisions were made I have not been in a position to alter the course of the company nor contribute in any meaningful way to the ultimate fate of the organization.

To the shareholders of Buccaneer, I appreciate the support that I have enjoyed over the years and am sorry that the board has elected to pursue a course that differs from the responsible and measured approach outlined by management at the beginning of the year.

Curtis Burton
Former Member of the Board
Buccaneer Energy

Deepwater Development Concepts
Chairman and CEO