Buckeye Oil & Gas Announces Completion of Spirit Rycroft Pipeline and Closing of Financing Round

CARSON CITY, NV--(Marketwire - May 3, 2012) - Buckeye Oil & Gas (OTCBB: BOIG) is pleased to announce the completion of the survey and construction of a pipeline approximately 2.5-kilometers in length. The pipeline connects the Spirit Rycroft well to local infrastructure.

Buckeye has also closed a financing deal of 250,000 shares for 0.60 cents per share with a total amount of $150,000.

"We are right on track with development of our Peace River Arch properties," said Buckeye president Pol Brisset. "The construction of the pipeline for the Spirit Rycroft property and this recent round of financing are just a few examples of the initial steps we are taking to progress our operations in the Peace River Arch area."

About Buckeye:
Buckeye Oil & Gas is a production stage oil & gas company targeting light oil pools in northern Alberta. Buckeye is a publicly traded company under the symbol BOIG on the OTCBB.

Disclaimer:

This announcement contains forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, risks related to petroleum exploration, limited access to operating capital, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Buckeye's filings with the Securities and Exchange Commission which may be accessed through the SEC's web site at http://www.sec.gov.