Bucking Horse Energy Inc.
TSX : BUC

Bucking Horse Energy Inc.

November 22, 2010 20:41 ET

Bucking Horse Energy Inc. Announces Operational Update-10 Well Program Commenced at Pinedale Mesa Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2010) - Bucking Horse Energy Inc. (TSX:BUC), along with all wholly owned subsidiaries, (collectively, the "Company") is pleased to provide an update of its operations.

Operational Update

Bucking Horse Energy Inc. is pleased to announce that a 10 well development program has commenced at the Company's Mesa acreage in the Pinedale field. The Mesa 13A2-22D was spud November 21, 2010 by the operator. The Company has a 23.12% working interest in the Mesa property and the Company expects to invest approximately $11.3 million to fund the initial 10 wells Mesa program.

The Company expects to benefit from improving operator efficiencies associated with simultaneous operations development pads, built for purpose self-moving rigs, and year round development. Individual well costs are forecast at $4.9 million gross with estimated spud to total depth periods of 15 to 16 days per well. The operator has enjoyed a 100% success rate in the area.

An additional 11 well program at Mesa is contemplated during the second half of 2011 utilizing a second rig. The additional rig would be positioned at a recently constructed second simultaneous operations development pad located northwest of current drilling operations.

The Company's current total net production is approximately 7.7 million cubic feet equivalent ("MMcfe") per day. Development of the 10 Mesa infill wells will increase the Company's production to an estimated 11.5 MMcfe per day by mid-year 2011. The Mesa infill wells target pay objectives within the prolific Lance Formation.

At Mesa, the Company currently has 19 developed producing wells with an additional inventory of 96 undeveloped proved, probable, and possible Mesa locations including 54 possible locations on 5-acre spacing. Area operators continue to evaluate the potential for 5-acre infill across the Pinedale field and validate expectations that untapped reserves can be realized by developing low risk 5-acre spaced wells.

At the Warbonnet property, the Company's other significant Pinedale field producing property, the Company currently has 19 developed producing wells and an additional inventory of 336 undeveloped proved, probable, and possible Warbonnet locations including 163 possible locations on 5-acre spacing.

About Bucking Horse Energy Inc.

Bucking Horse Energy is an independent oil and gas exploration and production company focused exclusively on its Warbonnet and Mesa natural gas properties in the prolific Pinedale field, within the Green River Basin of southwestern Wyoming. At year-end 2009, the Company had proved reserves of approximately 153 Bcfe, comprising 95% gas. The common shares of the Company are listed for trading on the Toronto Stock Exchange under the symbol "BUC". For more information on Bucking Horse Energy, please visit the Company's website, www.BuckingHorseEnergy.com.

On behalf of the Board of Directors:

Gordon Nielsen, President

Forward-Looking Information:

Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include that: the Company expects to invest approximately $11.3 million to fund the initial 10 wells Mesa program; the Company expects to benefit from improving operator efficiencies associated with simultaneous operations development pads, built for purpose self-moving rigs, and year round development; individual well costs are forecast at $4.9 million gross with estimated spud to total depth periods of 15 to 16 days per well; an additional 11 well program at Mesa is contemplated during the second half of 2011 utilizing a second rig; the additional rig would be positioned at a recently constructed second simultaneous operations development pad located northwest of current drilling operations; development of the 10 Mesa infill wells will increase the Company's production to an estimated 11.5 MMcfe per day by mid-year 2011; the Company has an additional inventory of 96 undeveloped proved, probable, and possible Mesa locations including 54 possible locations on 5-acre spacing; area operators continue to evaluate the potential for 5-acre infill across the Pinedale field and validate expectations that untapped reserves may be realized by developing low risk 5-acre spaced wells; the Company has an additional inventory 336 undeveloped proved, probable, and possible Warbonnet locations including 163 possible locations on 5-acre spacing. The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of regulatory decisions, competitive factors in the industries in which the Corporation operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Corporation.

The forward-looking statements contained in this news release represent the Corporation's expectations as of the date hereof, and are subject to change after such date. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.

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