Bucking Horse Energy Inc.

Bucking Horse Energy Inc.

March 31, 2009 23:30 ET

Bucking Horse Energy Inc. Announces Proved Reserves of 132 BCFE and Files Annual Information Form

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 31, 2009) -

All listed currencies are United States dollars ("US$") unless otherwise indicated.

Bucking Horse Energy Inc. (the "Company" or "Bucking Horse") (TSX:BUC) is pleased to report its year-end oil and gas reserves dated December 31, 2008, prepared by independent petroleum consultants AJM Petroleum Consultants in Canada and Netherland Sewell and Associates in the United States. The reserves information and data summarized below are available in greater detail in the Company's statement of reserves data and other oil and gas information (National Instrument 51-101: Forms 51-101F1, 51-101F2 and 51-101F3) for the year ended December 31, 2008. The Company also announces the filing of its Annual Information Form for the year ended December 31, 2008. These filings are available for review at www.sedar.com.


- Year-end December 31, 2008 net Proved reserves totaled 132 billion cubic feet of natural gas equivalent ("Bcfe")

- Year-end December 31, 2008 net Proved plus Probable reserves totaled 291 Bcfe


The December 31, 2008 reserve evaluations were prepared utilizing the methodology and definitions as set out under National Instrument 51-101 ("NI 51-101") and standards contained in the Canadian Oil and Gas Evaluation Handbook. Under NI 51-101, proved reserve assignments are based on a 90 percent probability that total quantities recovered will equal or exceed proved reserve estimates. Proved plus Probable reserves are the expected case where there is an equal chance that the Proved plus Probable reserves will be higher or lower than estimated.

The year-end reserves effective December 31, 2008 presented include company working interests before and net after royalties using forecast price and cost assumptions. Where amounts and volumes are expressed on a gas equivalent basis, liquids volumes have been converted to cubic feet of gas at a ratio of 6,000 cubic feet of gas per barrel (6 Mcf/bbl). A conversion ratio of six Mcf to one bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent equivalency at the wellhead.

Summary of Company Interest Oil and Gas Reserves - Forecast Prices and Costs

December 31, 2008
Condensate NGLs Natural Natural
Reserves Category Gas Gas Equivalent
(6 Mcf : 1 bbl)
Company Net After Company Net After Company Net After
Gross Royalties Gross Royalties Gross Royalties
(Mbbl) (Mbbl) (MMcf) (MMcf) (MMcfe) (MMcfe)
- Developed
Producing 339 274 42,322 34,368 44,355 36,014
- Developed
Non-Producing 31 24 3,825 2,994 4,009 3,138
- Undeveloped 894 712 111,719 88,944 117,081 93,213
Total Proved 1,263 1,010 157,865 126,306 165,445 132,365

Probable 1,538 1,210 192,432 151,363 201,660 158,622

Total Proved
plus Probable 2,801 2,220 350,297 277,669 367,105 290,987

Forecast product prices and inflation used in the evaluations of the Company's reserves are based on price forecasts published effective December 31, 2008 by AJM Petroleum Consultants with adjustments for regional price differentials.

Net Present Value of Reserves - Forecast Prices and Costs (US$)

Before Income Taxes
Company Interest Discounted at (%/year)
---------------- ---------------------
0% 5% 10% 15% 20%
Proved Producing 251,116 149,969 104,988 80,682 65,714
Proved Non-producing 24,628 14,899 10,573 8,205 6,716
Proved Undeveloped 612,408 322,921 193,530 125,664 85,905
Total Proved 888,152 487,789 309,090 214,551 158,334
Probable 950,419 418,613 204,730 107,690 59,513
Total Proved plus Probable 1,838,571 906,402 513,820 322,241 217,848

Note: Totals may not add exactly due to rounding.

It should not be assumed that the discounted future net production revenues represent the fair market value of the reserves.

Included in the Net Present Value determination are undiscounted well abandonment costs of $3.7 million for Proved reserves and $9.1 million for Proved plus Probable reserves.

About Bucking Horse Energy Inc.

Bucking Horse Energy is an independent oil and gas exploration and production company focused in the Pinedale field, within the Green River Basin of southwestern Wyoming. The common shares of the Company are listed for trading on the Toronto Stock Exchange under the symbol "BUC".

On behalf of the Board of Directors:

Gordon Nielsen, President & CEO

Certain statements including future drilling programs, future reserves and other information included herein constitute "forward looking statements" within the meaning of applicable laws or regulatory policies. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements described herein to be materially different from any future results or achievements expressed or implied by such forward looking statements. In particular, estimating reserves involves inherent engineering uncertainties as well as inherent uncertainties about the future fluctuations in the price of gas, which can cause estimates of economic reserves to be revised upwards or downwards. Other factors affecting forward looking statements include, among others, the inherent uncertainties associated with oil and gas exploration; legislative, environmental, judicial, regulatory, political and competitive developments in areas in which Bucking Horse operates; and technological, mechanical and operational difficulties encountered in connection with Bucking Horse's activities. You should refer to the risk disclosures set out in our Annual Information Form, Management's Discussion and Analysis and other disclosure documents filed from time to time with the TSX and other regulatory authorities.

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

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