Bronco Energy Ltd.
TSX VENTURE : BCF

Bronco Energy Ltd.

July 13, 2007 02:10 ET

Bronco Makes Land Acquisition

CALGARY, ALBERTA--(Marketwire - July 13, 2007) - Bronco Energy Ltd. (TSX VENTURE:BCF)("Bronco") is pleased to announce that it has acquired 32,000 gross acres (28,800 net) of oil sands leases at a recent Alberta crown land sale. Bronco is including Bigstone Oil and Gas Ltd. as a partner in the provincial crown land leases. The new land is located approximately 20 miles north of Bronco's core area at Wabasca, Alberta and is not located on Bigstone Cree Nation Reserve lands. The primary prospect on the land is the Grosmont Carbonates oil sands. The land is adjacent to and on trend with other recent major Carbonate zone land purchases in the region. The Grosmont Carbonate oil bearing zone is characterized by high permeability, 8 degrees API gravity, average oil thicknesses of 50 metres, and is aerial extensive for hundreds of square kilometers. Recoverable resources are now being assigned to the Grosmont Carbonate oil sands deposits for offset competitors. Bronco is presently reviewing its options and determining a strategy to explore and develop on the acquired oil sands leases.

This land acquisition will not have an impact on Bronco's plans or timing for development drilling and the construction of facilities for anticipated upcoming production from the Wabiskaw formation. Bronco's new Rig #1 is now at Wabasca, Alberta and it is currently drilling horizontal wells. A detailed operations update is expected to be provided by Bronco in the next few weeks.

Bronco Energy Ltd. trades on the TSX Venture Exchange under the symbol "BCF".

This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under Bronco's control which may cause actual results, performance or achievements of Bronco to be materially different from the results, performance or expectations implied by these forward-looking statements. Bronco 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 RELEASE.

Contact Information

  • Bronco Energy Ltd.
    Brian Alford
    President and Chief Executive Officer
    (403) 699-8383
    (403) 693-0038 (FAX)
    or
    Bronco Energy Ltd.
    David Johnson
    Chief Financial Officer
    (403) 699-8383
    (403) 693-0038 (FAX)
    Website: www.broncoenergy.ca