Buffalo Resources Corp.

Buffalo Resources Corp.

April 28, 2008 08:30 ET

Buffalo Resources Year End Reserves

CALGARY, ALBERTA--(Marketwire - April 28, 2008) - Buffalo Resources Corp. ("Buffalo" or the "Company") (TSX VENTURE:BFR) has received an independent engineering reserves evaluation from Paddock Lindstrom & Associates Ltd. ("Paddock"). Paddock's evaluation of Buffalo's petroleum and natural gas reserves was completed for all of Buffalo's properties effective December 31, 2007. These estimates were prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) (the "Paddock Report).

The Company Share of Remaining Reserves and Net Present Value Before Income Tax are presented in the following table.

Total Company Reserves and Net Present Value Before Income Tax
Paddock Forecast Prices and Costs as of December 31, 2007

Share of
Reserve Reserves Company Share of Net Present Value
Category (Mboe) Before Income Tax ($M)
0% 5% 10% 15% 20%
Total Proved 10,276 265,433 171,111 134,114 113,290 99,268

Total Proved &
Probable 15,068 396,212 255,677 196,521 162,395 139,448

The analysis is based upon Paddock's Forecast Prices, effective January 1,
2008. The first five (5) years of the price forecast are shown in the table

Edmonton Light 12 degrees API Crude AECO-C
WTI Crude Oil Crude Oil Oil Gas
Year ($US/bbl) ($C/bbl) ($C/bbl) ($C/MMbtu)
2008 90.00 88.75 54.75 6.80
2009 88.00 86.73 55.73 7.28
2010 82.70 82.70 54.70 7.43
2011 82.00 80.67 52.27 7.58
2012 80.00 78.65 49.84 7.73

Based on the above report Buffalo has calculated its 2007 Finding, Development and Acquisition cost with changes in future capital to be $10.68/boe for the proved plus probable category and $17.29/boe for total proved.

The Company has determined its before tax net asset value at December 31, 2007 to be $2.25 per diluted common share using the value of total proven plus probable reserves discounted at 10% per annum as specified in the Paddock Report, and the balance sheet values of undeveloped land, seismic data, bank debt working capital deficit and asset retirement obligations.

Bill Trickett, the Company President and CEO commented, "We are pleased with these results and considering Buffalo's large inventory of land and undeveloped plays expect this trend of efficient growth to continue."

Petroleum and natural gas volumes are converted to a common unit of measurement (Boe) on a basis of six thousand cubic feet (Mcf) of gas to one barrel (Bbl) of oil. Boes may be misleading, particularly if used in isolation. The foregoing conversion ratio is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under Buffalo's control which may cause actual results, performance or achievements of Buffalo to be materially different from the results, performance or expectations implied by these forward-looking statements. Forward-looking statements such as the estimates of reserves, are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. In addition, there are numerous uncertainties inherent in estimating reserves, including many factors beyond Buffalo's control, and no assurance can be given that the indicted level of reserves or the recovery thereof will be realized. In general, estimates of reserves are based upon a number of factors and assumptions made as of the date on which the estimates were determined, such as geological and engineering estimates which have inherent uncertainties. Further, estimates of net present value do not represent fair market value. Buffalo undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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