Just double their exploration acreage

This company is going somewhere.
Daytona energy have accepted Bounty's shares at 20 cents per share in exchange for valuable exploration acreage.

Have a read.

Regards M.

BOUNTY OIL & GAS NL 2002-05-31 ASX-SIGNAL-G

HOMEX - Perth

+++++++++++++++++++++++++
Bounty Oil & Gas NL (Bounty) is pleased to announce that it has
entered into a conditional agreement with Daytona Energy Corporation
(Daytona Energy) to acquire interests in five Australian Exploration
Permits. The acquisitions will almost double Bounty's net acreage
holding from 9,765 sqkm to 19,333 sqkm.

The permit interests are in the Offshore Sydney Basin, NSW; the
Onshore Carnarvon Basin, Western Australia and in the Offshore Vulcan
Sub-Basin, North West Shelf. The consideration for the acquisition of
the permit interests will be satisfied by the issue and allotment of
fully paid ordinary shares in Bounty. Assuming all of the conditions,
including shareholder and regulatory approval, are satisfied, the
total consideration for the permit interests is 7,000,000 fully paid
ordinary shares in Bounty at an issue price of 20c each (total value:
$1,400,000).

PERMIT: PEP 11 OFFSHORE SYDNEY BASIN NSW

Interest Purchased: 50% from Flare Petroleum NL, a wholly owned
subsidiary of Daytona. This increases Bounty's
interest in PEP 11 to 100%.
Consideration: 2,375,000 Bounty shares
Conditions: None
Summary: PEP 11 is located approximately 10 km from
Sydney. A numberof gas leads have been
identified. The presence of gas and oil seeps
in boreholes, wells and coal mines onshore
indicates that there may be hydrocarbon
potential.

PERMIT: EP412 ONSHORE CARNARVON BASIN, WA

Interest Purchased: 65% from Flare Petroleum NL
Consideration: 1,855,000 Bounty shares
Conditions: None
Summary: Technical work completed in 2001 by Rough Range
Pty Ltd has identified two gas prospects,
Yolanda and Victoria. EP412 is subject to a
farmin agreement with Rough Range whereby they
may potentially earn up to 80% interest in
the permit by drilling a well.

PERMIT: AC/P25 OFFSHORE VULCAN SUB-BASIN, NW SHELF

Interest Purchased: 100% from Flare Petroleum NL
Consideration: 1,000,000 Bounty shares
Conditions: Approval for a change in the permit work
program from the Designated Authority of the
Northern Territory Government.
Summary: The permit is adjacent to the Challis and
Talbot oil fields, and several gas fields. The
permit is in a known hydrocarbon producing
area.

PERMIT: AC/P27 OFF-SHORE VULCAN SUB-BASIN,NW SHELF

Interest Purchased: 50% from Flare Petroleum NL, 50% from Arc
Energy
Consideration: 1,000,000 Bounty shares
Conditions: Approval for a change in the permit work
program from the Designated Authority of the
Northern Territory Government.
Summary: The permit is adjacent to the Talbot and
Montara oil fields, and several gas
fields. The permit is in a known hydrocarbon
producing area.

PERMIT: AC/P32 OFFSHORE VULCAN SUB-BASIN, NW SHELF

Interest Purchased: 18% from Daytona Energy
Consideration: 770,000 Bounty shares
Conditions: Confirmation from the Designated Authority of
the Northern Territory Government that permit
AC/P32 is in good standing.
Summary: The permit is adjacent to the Skua and Montara
oil fields, and several gas fields. There are
several structural leads identified in permit.
The permit is in a known hydrocarbon producing
area.

Tom Fontaine, Bounty's Managing Director, commented:

"This transaction almost doubles Bounty's portfolio of projects.
These purchases are consistent with Bounty's strategy of acquiring
assets where the application of technology has the potential to
increase their value. Bounty has exclusive marketing rights to
specialised seismic processing software that it believes can help
unlock the potential of these permits, especially AC/P25, 27 and 32."

T Fontaine
MANAGING DIRECTOR