BOUNTY OIL & GAS NL

Bounty Oil & Gas NL (BUY) is an independent Australian oil and gas explorer and producer. It was formed in 1999 and listed on the Australian Stock Exchange in February 2002. Bounty is pursuing a two branched business strategy to provide shareholders with opportunities for major capital gains through high impact growth exploration backed by a core business of production and low risk exploration to underpin the value of the company. Bounty holds 100% of AC/P 32 in the Ashmore Cartier Region � Timor Sea. It is completing a seismic re-processing project targeting a 20-80 mmbbls oil Upper Cretaceous age Puffin Formation stratigraphic trap in the permit. There is at least one other prospect of similar size within the permit. Bounty also has a quality portfolio of petroleum acreage with Pmean or 2P producing oil reserves at Naccowlah, Queensland, and a further 1.1 MMboe of non-producing and contingent resources in proven oil and gas fields in Australia and Tanzania. Bounty has interests in 92 active producing wells in 18 fields in the Eromanga and Surat Basins of Queensland and currently produces 70 boepd. Development drilling is ongoing in Naccowlah and Utopia and contingent resources of 40 Bcf gas with potential to add 360 boepd to Bounty's production are being commercialized at Nyuni in Tanzania. Former Names --

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