He caught eight passes for 70 yards and one touchdown in four games, including one start, for the Bucs.
Ogletree is entitled to take the balance of his $750,000 base salary as termination pay, if he so chooses. Every NFL player who has completed four or more years of service is entitled once in his career to collect termination pay, if cut during a season.
Confirming reported transactions: S Ahmad Black waived, WR Kevin Ogletree released.
— Tampa Bay Buccaneers (@TBBuccaneers) October 1, 2013 
Also, the team is expected to promote WR Chris Owusu from the practice squad.
— Scott Smith (@ScottSBucs) October 1, 2013 
Source: Mike Florio, Pro Football Talk