Bucking Horse Energy Inc.
TSX : BUC

Bucking Horse Energy Inc.

March 31, 2009 23:06 ET

Bucking Horse Energy Inc. Announces Fiscal Year-End Change for 2008 and Financial Results for the Period September 01–December 31, 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2009) - Bucking Horse Energy Inc. ("Bucking Horse" or the "Company") (TSX:BUC) announces its Board of Directors has approved fiscal year-end change from August 31 to December
31.

The Company also announced the results of its consolidated financial statements for the period September 01, 2008 to December 31, 2008. The results for these four months reflect Company performance for the remainder of calendar year 2008 in order to align future reporting periods with the Company's new fiscal year 2009. Company results from August 31, 2007 through August 31, 2008 were previously announced.

All references in this news release are in U.S. dollars unless otherwise stated.

CONSOLIDATED RESULTS FROM SEPTEMBER 1, 2008, THROUGH DECEMBER 31, 2008:

- Cash flow from operations for the period Sept. 01 - Dec. 31, 2008 was $3,384,856

- Earnings before interest, taxes, depreciation and amortization (EBITDA) for the period Sept. 01 - Dec. 31, 2008 was $5,009,586

- Total operating revenue for the period Sept. 01 - Dec. 31, 2008 was $4,085,774

- Net income before taxes for the period Sept. 01 - Dec. 31, 2008 was $831,542

Bucking Horse's cash flow from operations for the year ended December 31, 2008 increased to $3,384,856. Earnings before interest, taxes, depreciation and amortization ("EBITDA") (1) for the year ended December 31, 2008 decreased to $5,009,586 compared to the year ended August 31, 2008 $10,828,313. Total operating revenue for the four month period ended December 31, 2008 was $4,085,774. Net income increased to $1,599,474. Net earnings before taxes for December 31, 2008 were $831,542.

Direct operating expenses for the four-month period ended December 31, 2008 were $3,901,203 ($1,828,947 in non-cash depreciation and depletion costs, $348,261 in State taxes, $33,180 in Canadian production royalties, and $1,690,815 in operating expenses).

Other expenses and income for the four-month period ended December 31, 2008 decreased to an income of $646,971. General and administration expenses were $396,895 for the four-month period ended December 31, 2008. There was a foreign exchange gain of $196,559 for the four-month period ended December 31, 2008. Interest expense decreased to $2,349,097 for the four-month period ended December 31, 2008.

Note (1) EBITDA is defined as earnings before interest, taxes, depreciation and amortization and other items. EBITDA is not a recognized measure under generally accepted accounting principles (GAAP) and is offered as a commonly used industry metric for comparative purposes only.



------------------------------------------------------------------------
Reconciliation of cash flow Four months ended Twelve months
from operations before change December 31, Ended August 31,
in net working capital 2008 2008

Net cash flow provided by operating
Activities $3,384,856 $1,648,797

Accounts payable and accrued liabilities (3,375,310) 3,840,417
Prepaid expenses (305,996) 334,433
Accounts receivable 313,071 (853,778)
Income taxes 1,500,309 (1,029,079)

Cash flow from operations before
change in net working capital $1,516,930 $3,940,790
------------------------------------------------------------------------


------------------------------------------------------------------------
Four months ended Twelve months
Reconciliation of EBITDA to December 31, Ended August 31,
net income 2008 2008

EBITDA $5,009,586 $10,828,313

Less Depletion, depreciation
and accretion 1,828,947 4,248,956
Interest 2,349,097 3,648,260

Income taxes (767,932) 2,776,272

Net Income (loss) $1,599,474 $ 154,825
------------------------------------------------------------------------


Bucking Horse's 2008 Audited Financial Statements and Management Discussion and Analysis are available on SEDAR at www.sedar.com.

Bucking Horse Energy Inc. is a public oil and gas exploration, development and production company listed on the Toronto Stock Exchange with 22,994,513 shares issued. More information about Bucking Horse Energy Inc. can be found on its website.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information