The Buffalo Oil Corporation
TSX VENTURE : BFO

The Buffalo Oil Corporation

May 30, 2005 09:00 ET

Buffalo Announces Results for First Quarter 2005

CALGARY, ALBERTA--(CCNMatthews - May 30, 2005) - The Buffalo Oil Corporation ("Buffalo") (TSX VENTURE:BFO) today reported its financial and operating results for the three months ended March 31, 2005 with comparatives for 2004.

Highlights

- On target with production at 359 boe/d and cash flow from operations of $492,000 for the quarter

- Frog Lake:

- Completed, equipped and brought on production two oil wells drilled in December 2004.

- Drilled one (net 0.25) oil well in a previously undeveloped McLaren oil channel.

- Raised $5.9 million in equity financing



Financial & operating results
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Three months ended March 31 March 31 %
2005 2004 Change
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Financial
Total revenue $ 1,264,290 $ 680,410 86
Cash flow from operations $ 492,603 $ 300,658 64
Per share, basic and diluted $ 0.05 $ 0.04 10
Net earnings (loss) $ (202,598) $ 46,557 (535)
Per share, basic and diluted $ (0.02) $ 0.01 (409)
Capital expenditures $ 588,381 $ 417,510 41
Operating
Average daily production
Oil & NGL's (bbls/d) 192 37 421
Natural gas (mcf/d) 1,002 868 15
Barrels of oil equivalent (boe/d) 359 182 98
Average realized selling prices
Oil & NGL's ($/bbl) $ 36.48 $ 42.50 (14)
Natural gas ($/mcf) $ 7.02 $ 6.81 3
Barrels of oil equivalent
($/boe) $ 39.11 $ 41.19 (5)
Netback ($/boe) $ 20.98 $ 24.93 (16)

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As at March 31 December 31 %
2005 2004 Change
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Financial
Working capital surplus
(deficit) $ 3,817,550 $ (1,457,182) N/A
Shareholders' equity $ 11,195,961 $ 5,578,775 101
Total assets $ 13,568,253 $ 9,381,463 45


Common shares outstanding 13,183,456 8,342,023 58
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Buffalo is an emerging Canadian junior oil and gas company engaged in the exploration, development and production of oil and gas reserves in the provinces of Alberta and Saskatchewan.

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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