Bulldog Resources Inc.
TSX : BD

Bulldog Resources Inc.

November 13, 2006 08:00 ET

Bulldog Resources Inc. 2006 Third Quarter Report & News Release

CALGARY, ALBERTA--(CCNMatthews - Nov. 13, 2006) - Bulldog Resources Inc. (TSX:BD) -

HIGHLIGHTS

- Increased average production 92% to 1,064 Boe/day in Q3, 2006 from an average of 555 Boe/day in Q2, 2006

- Doubled cash flow to $5.6 million in Q3, 2006 from $2.8 million in Q2, 2006

- Achieved Q3 field netbacks of $59.58/Boe and corporate netbacks of $56.86/Boe

- Achieved Q3, 2006 production expenses of $1.78/Boe

- Drilled 9 gross (5.28 net) wells resulting in 8 oil wells (4.28 net) and one cased well (1 net)

- Initiated the expansion of the Fertile production facilities to 4,000 Bbls/day of light oil



QUARTERLY SUMMARY

Financial
---------------------------------------------------------------------------

Nine months
(Cdn$ in thousands ended
except share amounts) Q3 Q2 Sept. 30, 2006
---------------------------------------------------------------------------
Revenues $ 7,235 $ 3,733 $ 12,700
Cash flow $ 5,567 $ 2,829 $ 9,455
Per share - basic $ 0.23 $ 0.12 $ 0.40
- diluted $ 0.22 $ 0.11 $ 0.38
Net earnings $ 3,012 $ 1,635 $ 4,974
Per share - basic $ 0.13 $ 0.06 $ 0.21
- diluted $ 0.13 $ 0.06 $ 0.20
Capital expenditures $ 5,720 $ 3,901 $ 12,197
---------------------------------------------------------------------------
Operational (units as noted)
Average daily production
Oil (barrels/day) 1,060 549 642
Natural gas (mcf/day) 28 36 31
Combined (Boe/day) 1,064 555 647
Average price realization
Oil/barrel ($Cdn.) $ 74.12 $ 74.51 $ 72.24
Natural gas/mcf ($Cdn.) $ 3.58 $ 4.01 $ 4.90
Combined/Boe ($Cdn.) $ 73.89 $ 73.97 $ 71.90
Production expenses (per Boe) $ 1.78 $ 2.36 $ 2.22
Transportation expenses (per Boe) $ 1.29 $ 1.84 $ 1.43
Field netback (per Boe) $ 59.58 $ 61.69 $ 58.13
Corporate netback (per Boe) $ 56.86 $ 56.06 $ 53.53
---------------------------------------------------------------------------

Capital Structure

As at November 13, 2006, Bulldog's capital structure is:
---------------------------------------------------------------------------
Outstanding bank debt
(available revolving operating
credit line is $7.0 million) nil
Common shares outstanding 24,959,202
Stock options to purchase common
shares (exercise price $2.19
per share) 432,500
Performance warrants to purchase
common shares (exercise price
$1.00 per share) 1,875,000
---------------------------------------------------------------------------
Common shares outstanding after
exercise of the performance
warrants and stock options 27,266,702
---------------------------------------------------------------------------


SUCCESSFUL DRILLING AND OPERATIONS CONTINUE

Our drilling success continued in the third quarter. Bulldog drilled 9 gross (5.28 net) wells resulting in 8 gross (4.28 net) oil wells and one cased well (1 net). In the first nine months of 2006, we have drilled 16 gross (8.03 net) oil wells and one cased well (1 net). During the third quarter, we initiated the expansion of the Fertile production facilities to 4,000 Bbls/day of light oil.

STRONG PRODUCTION/CASH FLOW PER SHARE GROWTH

Our company has grown significantly through drilling over our first ten months of activity.

Bulldog's production has increased 5.9 times from an average of 180 Boe/day in December 2005 (Bulldog's first month of operation) to average 1,064 Boe/day in the third quarter. Production per share has increased 5.1 times from 7.67 Boe/day per million diluted shares to 39.02 Boe/day per million diluted shares in the same time period. Our third quarter average production increased 92% from 555 Boe/day in the second quarter.

Revenues increased by 94% from $3.7 million to $7.2 million in the third quarter. This revenue increase was driven by increased production volumes as our average price realization decreased slightly from $73.97/Boe in the second quarter to $73.89/Boe in the third quarter.

Bulldog's cash flow doubled from $2.8 million in the second quarter to $5.6 million in the third quarter. On a per share basis, the increase was 92% from $0.12 to $0.23.

LOW PRODUCTION EXPENSES AND HIGH CORPORATE NETBACKS

Our production expenses in the third quarter were $1.78/Boe. Bulldog's corporate netback in the third quarter was $56.86/Boe. We expect that these benchmarks will rank us in the top 5% of public junior oil and gas companies.

MARKET COMMENTARY

The combination of our light oil production, efficient operations and strong world oil prices has resulted in premium netbacks. Our operational and financial results have fueled increases in Bulldog's share price. Bulldog's trading price has increased approximately 106% from $1.55/share at the beginning of January 2006 to approximately the $3.20/share range at the end of September 2006. This is significant when compared to the Tristone Capital Index of junior oil and gas companies which shows the average trading price had decreased approximately 25% in this period. At the time of writing, Bulldog's trading price is in the $4.40 to $4.50 per share range.

Bulldog's independent analyst research coverage continues to increase with Canaccord Capital and Tristone Capital joining BMO Capital Markets, Dundee Securities Corporation and Research Capital.

LOOKING AHEAD

In the first nine months of 2006, we have spent $12.2 million of our planned $22 million capital budget. The remaining 2006 projected capital expenditures of $9.8 million will include the drilling of 12 wells (6.37 net).

We will continue to develop the Fertile pool with a sound technical and business approach emphasizing reserve additions. Our step-out drilling has continued to define additional infill horizontal locations. 7 wells (3.25 net) are planned for the Fertile property in the fourth quarter of 2006.

We continue to evaluate potential acquisitions that present a synergistic fit with our current activities.

At September 30, 2006, Bulldog had $6.8 million of working capital and an undrawn line of credit of $7 million. We expect that these resources and our expanding cash flow will readily finance the balance of our 2006 capital expenditure program and leave a significant positive working capital at year end. Our strong financial position gives us the capability to expand our activities.

We look forward to up-dating our shareholders on our progress.

Kenneth D. McKay, P. Geol., President and Chief Executive Officer

November 10, 2006

ADVISORIES

The intention of Bulldog Resources Inc. ("Bulldog") management's discussion and analysis (MD&A) is to present management's analysis of operational results, current financial position and future prospects. This interim MD&A is an update to Bulldog's annual MD&A for the period from incorporation on October 24, 2005 to December 31, 2005 that is included in the 2005 Annual Report. Bulldog's 2005 Annual Report is available on SEDAR at www.sedar.com and our website (www.bulldogresources.ca)

Certain statements included in this MD&A constitute forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this MD&A include but are not limited to capital expenditures, business strategy and objectives, net revenue, future production levels, developments plans and the timing thereof, operating and other costs, royalty rates etc. Such forward looking information involves substantial known and unknown risks and uncertainties. Most of these are beyond Bulldog's control and include: the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, and the availability of qualified personnel and services, stock market volatility, and the access to sufficient capital from internal and external sources.

Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Although Bulldog believes that the expectations reflected in such forward-looking statements or information are reasonable, undo reliance should not be placed on forward-looking statements because Bulldog can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Bulldog and described in the forward-looking statements or information.

Finally, in the presentation of the MD&A Bulldog uses three terms that are universally applied in analyzing corporate performance within the oil and gas industry as explained below.

- Barrel of Oil Equivalent (BOE) - Our industry commonly expresses production volumes and reserves on a "barrel of oil equivalent" basis (BOE) whereby natural gas volumes are converted at the ratio of six thousand cubic feet to one barrel of oil. The intention is to sum oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. Throughout this MD&A Bulldog has used the 6:1 BOE measure which is the approximate energy equivalency of the two commodities at the burner tip. BOE does not represent a value equivalency at the plant gate which is where Bulldog sells its production volumes and therefore may be a misleading measure if used in isolation.

- Operating Income and Field Netback - Operating income is defined as revenues less royalties, transportation costs and production expenses. Field netback is the term used when these items are expressed on a BOE of production basis.

- Funds Flow from Operations - This measure is commonly referred to as cash flow and is considered critical within our industry both in terms of measuring success in our historical operations and being an indicator of funding sources for on-going efforts to replace production volumes and increase reserve volumes. Canadian generally accepted accounting principles ("GAAP") requires that "cash flow from operating activities" be the measurement focus. This latter term is derived from "funds flow from operations" as defined by Bulldog adjusted for the change in non-cash working capital. Bulldog believes "funds flow from operations" and "funds flow from operations per share" to be more meaningful measures of our performance and therefore have used these terms throughout this MD&A. Accordingly, Bulldog is required to advise the reader that: (a) these are non-GAAP measures for purposes of Canadian accounting standards; and (b) our determinations may not be comparable to those reported by other companies.

CORPORATE ORIGIN

Bulldog Resources is a Calgary based oil and natural gas company engaged in the exploration, acquisition, development and production of oil and natural gas reserves in the Western Canadian Sedimentary Basin. We commenced operations on November 30, 2005 as a result of the Plan of Arrangement between Bulldog Energy Inc. and Crescent Point Energy Trust. The Plan of Arrangement, through a series of transactions resulted in Bulldog Energy shareholders exchanging their shares in exchange for units of Crescent Point and common shares of Bulldog Resources.

CAPITAL EXPENDITURES



The following summarizes Bulldog's capital expenditure program for the
first nine months of 2006:

---------------------------------------------------------------------------
2006 Nine months
-------------------------------- ended
($ 000's) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Lease acquisitions
and retentions $ 464 $ 415 $ 39 $ 918
Seismic 246 217 158 621
Drilling & completions 3,755 2,229 1,637 7,621
Equipping, tie-ins
and facilities 1,251 1,013 732 2,996
Head office 4 27 10 41
---------------------------------------------------------------------------
Total $ 5,720 $ 3,901 $ 2,576 $ 12,197
---------------------------------------------------------------------------
---------------------------------------------------------------------------


In the third quarter, Bulldog drilled 9 gross (5.28 net) wells resulting in 8 oil wells (4.28 net) and one cased well (1 net). In the nine month period ended September 30, 2006, Bulldog has drilled 16 gross (8.03 net) oil wells and one cased well (1 net). Fifteen of the 17 drilled wells were operated by Bulldog.

Bulldog's 2006 projected annual capital expenditure program is $22 million. The remaining fourth quarter projected capital expenditures is $9.8 million which includes the drilling of 12 wells (6.37 net).



RESULTS OF OPERATIONS

Production Volumes


---------------------------------------------------------------------------
2006 Nine months
-------------------------------- ended
($ 000's) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Total volumes
Oil(barrels) 97,493 49,927 27,810 175,230
Natural gas(thousand
of cubic feet) 2,542 3,240 2,610 8,392
Barrels of oil
equivalent (BOE) 97,916 50,467 28,245 176,628
---------------------------------------------------------------------------
Daily averages
Oil(barrels per day) 1,060 549 309 642
Natural gas(thousand
cubic feet per day) 28 36 29 31
Barrels of oil
equivalent (BOE per day) 1,064 555 314 647
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Bulldog's third quarter daily production volumes increased 92 percent from the second quarter as a result of oil volume increases from the successful drilling program at Fertile. Bulldog's oil production is 36 degree API light oil and as a result receives premium pricing.



Operating Income
---------------------------------------------------------------------------
2006 Nine months
------------------------------ ended
($ 000's) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Oil and gas revenue $ 7,235 $ 3,733 $ 1,732 $ 12,700
Royalties (1,101) (408) (278) (1,787)
Transportation expenses (126) (93) (34) (253)
Production expenses (174) (119) (99) (392)
---------------------------------------------------------------------------
Operating income (field
netback) $ 5,834 $ 3,113 $ 1,321 $ 10,268
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Per BOE
---------------------------------------------------------------------------
2006 Nine months
------------------------------ ended
($) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Oil and gas revenue $ 73.89 $ 73.97 $ 61.32 $ 71.90
Royalties (11.24) (8.08) (9.84) (10.12)
Transportation expenses (1.29) (1.84) (1.20) (1.43)
Production expenses (1.78) (2.36) (3.51) (2.22)
---------------------------------------------------------------------------
Operating income (field
netback) $ 59.58 $ 61.69 $ 46.77 $ 58.13
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Revenue

Bulldog's oil and gas revenue in the third quarter of 2006 was comprised of $7,226,000 of oil sales (99.9%) and $9,100 of natural gas sales (0.1%). The WTI benchmark average oil price was relatively constant with the second quarter average. The oil price differential between WTI and Edmonton benchmark prices reduced in the third quarter in comparison to the second quarter. Bulldog's oil production is priced based on a benchmark of Cromer light crude subject to quality adjustments.



---------------------------------------------------------------------------
2006 Nine months
------------------------------ ended
Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
WTI benchmark price ($ U.S.
per barrel) $ 70.48 $ 70.70 $ 63.48 $ 68.22
Oil price differential
($U.S. per barrel) 0.03 (0.71) (3.75) (1.53)
Exchange - $U.S./$Cdn 0.8916 0.891 0.866 0.883
---------------------------------------------------------------------------
Edmonton light ($Cdn per
barrel) $ 79.08 $ 78.55 $ 68.96 $ 75.53
Cromer and quality
adjustments (4.96) (4.04) (7.35) (3.29)
---------------------------------------------------------------------------
Bulldog average oil price
($Cdn per barrel) $ 74.12 $ 74.51 $ 61.61 $ 72.24
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Royalties
---------------------------------------------------------------------------
2006 Nine months
------------------------------ ended
($ 000's except per BOE) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Royalties $ 1,101 $ 408 $ 278 $ 1,787
Per BOE $ 11.24 $ 8.08 $ 9.84 $ 10.12
Percentage of revenue 15% 11% 16% 14%
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Bulldog's royalties as a percentage of revenue increased in the third quarter as a result of two wells at Fertile reaching the end of the reduced crown royalty period and two additional wells commenced production in the third quarter which have freehold royalties. The horizontal wells at Fertile drilled on Crown lands are eligible for the reduced Crown royalty rate of 2.5 % on the first 37,500 barrels of gross cumulative oil production. After this reduced royalty period, the eligible wells are subject to sliding scale Crown royalties with these royalty rates dependent on production volumes.

Approximately 70 % of Bulldog's total oil production in the third quarter benefited from the reduced royalty rate program. Bulldog's revenue is derived from Saskatchewan properties and is subject to a 1.9% (2.0% prior to July 1, 2006) Saskatchewan resource revenue surcharge. This revenue surcharge is included in royalties.



Transportation Expenses

---------------------------------------------------------------------------
2006 Nine months
-------------------------------- ended
($ 000's except per BOE) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Transportation expenses $ 126 $ 93 $ 34 $ 253
Per BOE $ 1.29 $ 1.84 $ 1.20 $ 1.43
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Transportation expenses are the trucking of Bulldog's oil from its central facilities to the purchaser's sales terminal. Approximately $122,000 of the transportation expenses in the third quarter relate to Bulldog's Fertile property ( $235,000 for the nine months ended September 30, 2006). The second quarter "spring break up" with the associated road use regulations resulted in second quarter reduced oil volumes per truck load and higher per barrel trucking expenses. Bulldog's per barrel trucking fee decreased in the third quarter and was relatively comparable to the first quarter.

In October 2006 Bulldog entered into an agreement to construct an oil pipeline connecting Bulldog's central oil battery at Fertile to the main oil sales terminal at Cromer. Construction is expected to be completed by the end of 2006. The pipeline will minimize the impact of oil production interruptions which normally occur during the annual spring break up period. Upon commencement of the oil pipeline operations, transportation expenses on Bulldog's Fertile oil production will be eliminated until Bulldog's capital expenditure is paid out. See Contractual Obligations.



Production Expenses

---------------------------------------------------------------------------
2006 Nine months
-------------------------------- ended
($ 000's except per BOE) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Production expenses $ 174 $ 119 $ 99 $ 392
Per BOE $ 1.78 $ 2.36 $ 3.51 $ 2.22
---------------------------------------------------------------------------
---------------------------------------------------------------------------


The significant increase in Bulldog's third quarter oil volumes resulted in reduced per BOE production expenses as a result of ongoing production efficiencies. Bulldog's concentrated and highly efficient operations at its Fertile property have resulted in very low per BOE operating expenses in relation to its peer group.



Other Expenses

General and Administrative

---------------------------------------------------------------------------
2006 Nine months
-------------------------------- ended
($ 000's) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Gross expenses $ 639 $ 617 $ 489 $ 1,745
Operator recoveries (89) (60) (41) (190)
Capitalized overhead (208) (213) (167) (588)
---------------------------------------------------------------------------
Net expenses $ 342 $ 344 $ 281 $ 967
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Per BOE
---------------------------------------------------------------------------
2006 Nine months
------------------------------- ended
($) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Gross expenses $ 6.53 $ 12.23 $ 17.31 $ 9.88
Operator recoveries (0.91) (1.19) (1.45) (1.08)
Capitalized overhead (2.13) (4.22) (5.91) (3.33)
---------------------------------------------------------------------------
Net expenses $ 3.49 $ 6.82 $ 9.95 $ 5.47
---------------------------------------------------------------------------
---------------------------------------------------------------------------


General and administrative expenses directly related to exploration and development activities were capitalized and represented 38 percent of general and administrative expenses (net of third party recoveries) for both the third quarter and nine month period ended September 30, 2006. Bulldog's gross general and administrative expenses were higher in both the second and third quarters in comparison to the first quarter as a result of a provision for an employee bonus expected to be incurred in 2006. The bonus provision is a direct result of the Company's strong performance.

Bulldog's four officers have accepted reduced wages throughout 2006 relative to the compensation they received from Bulldog Energy Inc. as a result of the smaller initial production base.

Bulldog has the staff in place (9 employees) to efficiently manage significant levels of growth. Bulldog expects that its general and administrative expenses on a BOE basis will continue to trend downwards as production volumes are increased.



Stock based compensation
---------------------------------------------------------------------------
2006 Nine months
------------------------------- ended
($ 000's except per BOE) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Stock based compensation $ 91 $ 113 $ 112 $ 316
Per BOE $ 0.93 $ 2.24 $ 3.97 $ 1.79
---------------------------------------------------------------------------
---------------------------------------------------------------------------


For purposes of calculating stock-based compensation expense it was assumed that 100 percent of the stock options and performance warrants would vest. The per share fair value of the 432,500 stock options granted on June 27, 2006 and the 1,875,000 performance warrants granted in December 2005 were estimated based on the date of grant using the Black-Scholes option pricing model. In the third quarter Bulldog capitalized $60,000 of stock based compensation.



Depletion, depreciation and
accretion
---------------------------------------------------------------------------
2006 Nine months
------------------------------- ended
($ 000's except per BOE) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Depletion, depreciation and
accretion $ 1,011 $ 513 $ 344 $ 1,868
Per BOE $ 10.33 $ 10.17 $ 12.18 $ 10.58
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Bulldog's depletion, depreciation and accretion expense per BOE has decreased 51 percent from the December 2005 rate of $21.00 per BOE as a result of Bulldog's successful Fertile area drilling program and the associated increase in proven oil reserves.

Depletion and depreciation expense is calculated using the unit-of-production method which is based on BOE production volumes in relation to the BOE proven reserve base. As at September 30, 2006 land and seismic costs associated with unproven properties that were excluded from costs subject to depletion and depreciation were $ 2.4 million. The estimated salvage values of $1.2 million reduced the costs of equipment subject to depreciation. Estimated future development costs on proved reserves of $2.0 million as at September 30, 2006 are included in the calculation of depletion and depreciation.



Income taxes
---------------------------------------------------------------------------
2006 Nine months
------------------------------- ended
($ 000's) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Earnings before income taxes $ 4,465 $ 2,203 $ 603 $ 7,271
Current income taxes $ 0 $ 0 $ 0 $ 0
Future income taxes $ 1,453 $ 568 $ 276 $ 2,297
Effective tax rate 33% 26% 46% 32%
---------------------------------------------------------------------------
---------------------------------------------------------------------------


In the second quarter both Alberta and Saskatchewan announced changes to their respective corporate income tax rates. The Alberta corporate income tax rate decreased from the current rate of 11.5% to 10.0% effective April 1, 2006. The Saskatchewan corporate income tax rate will decrease from the current rate of 14.0% to 12.0% by July 1, 2008. The Federal corporate income tax rate will decrease from the current rate of 23.0% to 19.0% by January 1, 2010. The Federal corporate income tax surcharge of 1.1% will be eliminated effective January 1, 2008.

These corporate income tax rate reductions resulted in a $144,000 reduction in Bulldog's future income tax expense in the third quarter ($365,000 for the nine months ended September 30, 2006).

Bulldog's does not expect to incur current income taxes in 2006 and 2007. Bulldog's current income tax horizon after 2007 will be affected by future production volumes, capital expenditures, and the oil price environment at that time.



Other income
---------------------------------------------------------------------------
2006 Nine months
------------------------------- ended
($ 000's except per BOE) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Interest income $ 75 $ 60 $ 19 $ 154
Per BOE $ 0.77 $ 1.19 $ 0.67 $ 0.87
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Bulldog invests its cash balances in short term bankers acceptances with interest rates ranging between 3.15 to 4.20 percent during the nine months ended September 30, 2006.



Funds Flow from Operations
---------------------------------------------------------------------------
2006 Nine months
------------------------------- ended
($ 000's except per BOE) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Funds flow from operations $ 5,567 $ 2,829 $ 1,059 $ 9,455
Per BOE $ 56.86 $ 56.06 $ 37.49 $ 53.53
Per common share
Basic $ 0.23 $ 0.12 $ 0.05 $ 0.40
Diluted $ 0.22 $ 0.11 $ 0.05 $ 0.38
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Bulldog's third quarter funds flow from operations approximately doubled in comparison to the second quarter mainly as a result of a 92 % increase in BOE production volumes.



Net Earnings
---------------------------------------------------------------------------
2006 Nine months
------------------------------- ended
($ 000's except per BOE) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Net earnings $ 3,012 $ 1,635 $ 327 $ 4,974
Per BOE $ 30.76 $ 32.40 $ 11.58 $ 28.16
Per common share
Basic $ 0.13 $ 0.06 $ 0.02 $ 0.21
Diluted $ 0.13 $ 0.06 $ 0.01 $ 0.20
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Bulldog's third quarter net earnings increased 84% percent from the second quarter. This significant increase resulted mainly from the significant growth in funds flow from operations.

LIQUIDITY AND CAPITAL RESOURCES

In the second quarter Bulldog issued 3,378,000 common shares at a price of $1.80 per share for net proceeds of $5.6 million. Bulldog's directors, officers, employees and their immediate families purchased 465,000 of these common shares (a total of $837,000). The Company has considerable financial strength, through our September 30, 2006 working capital of $6.8 million, funds flow from operations and an unused $7 million bank operating credit facility, to fund Bulldog's fourth quarter 2006 capital expenditure program.

The oil and gas industry operates within several parameters affecting its liquidity and capital resources:

- It is capital intensive requiring cash infusions on a regular basis as it seeks to grow its business.

- Its inventory of product for sale - its reserves - needs to be constantly replenished and augmented.

- It is a price taker when selling its inventory of oil and natural gas reserves.

Given these constraints, Bulldog plans to finance its capital expenditures primarily through funds flow from operations supplemented as required by equity financings and bank credit facilities. The Company will maintain credit facilities to finance incremental exploration and development activities, and acquisitions.

2006 GUIDANCE

Bulldog updated its 2006 guidance at the end of September, as a result of strong production performance from the Fertile property and an increase in Bulldog's 2006 capital expenditure program to $22 million. Bulldog increased its 2006 average production forecast from 600 BOE per day to 770 BOE per day.

Using a fourth quarter estimated WTI oil price of US$58.00/Bbl (average 2006 oil price of US$65.66/Bbl), we currently project that Bulldog will cash flow $14 million or $0.58 per share basic ($0.55 per share diluted) in 2006. Based on our results to date, we expect that we are on track to meet or exceed this updated projection.



ADDITIONAL DISCLOSURES

Share capital
---------------------------------------------------------------------------
Nine months ended Year ended
September 30, December 31,
2006 2005
---------------------------------------------------------------------------
Weighted average shares outstanding
Basic 23,796,081 10,008,673
Diluted 24,856,745 10,008,673

Outstanding securities
Common shares 24,959,202 21,581,202
Performance warrants 1,875,000 1,875,000
Stock options 432,500 -
---------------------------------------------------------------------------
Total outstanding securities 27,266,702 23,456,202
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Contractual obligations

Bulldog enters into various contractual obligations in the normal course of its operations, including the purchase of various operational services, operating agreements, lease obligations for office space and office equipment. These contractual obligations were entered into in the ordinary course of business and the terms reflect market conditions.

In February 2006 Bulldog renounced $2.0 million of Canadian Exploration Expenditures effective December 31, 2005 related to the November 29, 2005 issue of two million common shares on a flow through basis. Bulldog has incurred the required qualifying expenditures as at June 30, 2006.

In August 2006 Bulldog entered into an agreement for the construction of a natural gas pipeline required to transport and market natural gas from its Fertile property located in Southeast Saskatchewan. The estimated gross cost of this pipeline is $2.5 million. Construction is expected to be completed by the end of January 2007. Bulldog's partner in the Fertile property has agreed to be responsible for all terms and conditions of the agreement related to their 50 percent working interest in this property, resulting in Bulldog's net estimated capital expenditure commitment of $1.25 million. The commitment will be settled by the delivery of natural gas and liquids production "in kind" from the Fertile property over a period not exceeding 18 months. Any remaining liability after the 18 months period will be settled by a cash payment.

In October 2006 Bulldog entered into an agreement for the construction of an oil pipeline to transport oil from its Fertile battery located in Southeast Saskatchewan. The estimated gross cost of this oil pipeline is $2.6 million. Construction is expected to be completed by the end of 2006. Bulldog's partner in the Fertile property has agreed to be responsible for all terms and conditions of the agreement related to their 50 percent working interest in this property, resulting in Bulldog's net estimated capital expenditure commitment of $1.3 million. This commitment will be settled by an oil volume tariff, with a required minimum payment of 20 percent per annum of the original liability.

Bulldog does not have any off balance sheet arrangements or obligations.

Related Party Transactions

Bulldog entered into a joint venture agreement with a Company whose President is a director of Bulldog. Under the terms of the agreement, Bulldog has agreed to participate in a drilling program in a defined project area located in Southeast Saskatchewan. The terms of the agreement were negotiated and are industry standard. In the third quarter Bulldog incurred $0.4 million of capital expenditures under this joint venture agreement.

During the nine month period ended September 30, 2006 Bulldog paid $4,200 to the Chairman of the Board of Bulldog related to surface land rentals.

A director of Bulldog is a partner in a law firm that provides legal services to Bulldog related to administrative activities and share issue costs. These expenditures totaled $140,000 in the nine months ended September 30, 2006.

Commodity prices

As at September 30, 2006, there are no commodity price risk management contracts outstanding. Bulldog's exposure to fluctuations in oil prices will continually be reviewed and at the current time there are no plans to hedge oil production.



Selected Quarterly Information
---------------------------------------------------------------------------
2006 Nine months
(Cdn $ in thousands except -------------------------------- ended
per share amounts) Q3 Q2 Q1 September 30
---------------------------------------------------------------------------
Revenue $ 7,235 $ 3,733 $ 1,732 $ 12,700
Expenses $ 4,223 $ 2,098 $ 1,405 $ 7,726
Net earnings $ 3,012 $ 1,635 $ 327 $ 4,974
Funds flow from operations
Funds flow from operations
per share $ 5,567 $ 2,829 $ 1,059 $ 9,455
Basic $ 0.23 $ 0.12 $ 0.05 $ 0.40
Diluted $ 0.22 $ 0.11 $ 0.05 $ 0.38
Net earnings per Share
Basic $ 0.13 $ 0.06 $ 0.02 $ 0.21
Diluted $ 0.13 $ 0.06 $ 0.01 $ 0.20
Working capital $ 6,830 $ 6,983 $ 2,434 $ 6,830
Total assets $ 27,984 $ 22,038 $ 12,602 $ 27,984
Total liabilities $ 8,945 $ 6,162 $ 4,270 $ 8,945
Shareholder's equity $ 19,039 $ 15,876 $ 8,332 $ 19,039
Common shares outstanding
(000's) 24,959 24,959 21,581 24,959
---------------------------------------------------------------------------
---------------------------------------------------------------------------


CONSOLIDATED BALANCE SHEETS

As at

---------------------------------------------------------------------------
September 30, December 31,
(Cdn $ in thousands) (Unaudited) 2006 2005
---------------------------------------------------------------------------

Assets
Current assets
Cash and term deposits $ 8,790 $ 4,289
Accounts and taxes receivable 3,227 577
Prepaid expenses 87 41
---------------------------------------------------------------------------
12,104 4,907
Property, plant and equipment (note 2) 15,880 5,185
---------------------------------------------------------------------------
$ 27,984 $ 10,092
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Liabilities and Shareholders' Equity
Current liabilities
Accounts payable and accrued liabilities $ 5,274 $ 956
Asset retirement obligations (note 4) 638 367
Future income taxes 3,033 109
Shareholders' equity
Share capital (note 6) 13,684 8,655
Contributed surplus (note 7) 414 38
Retained earnings (deficit) 4,941 (33)
---------------------------------------------------------------------------
19,039 8,660
---------------------------------------------------------------------------
$ 27,984 $ 10,092
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Commitments (note 12)

See accompanying notes.



CONSOLIDATED STATEMENT OF EARNINGS AND RETAINED EARNINGS

---------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
(Cdn $ in thousands) (Unaudited) 2006 2006
---------------------------------------------------------------------------
Oil and gas revenue $ 7,235 $ 12,700
Royalties (1,101) (1,787)
Transportation expenses (126) (253)
Production expenses (174) (392)
---------------------------------------------------------------------------
5,834 10,268
Other Expenses
General and administrative 342 967
Stock-based compensation (note 7) 91 316
Depletion, depreciation and accretion 1,011 1,868
---------------------------------------------------------------------------
1,444 3,151
Other income
Interest income 75 154
---------------------------------------------------------------------------
Earnings before income taxes 4,465 7,271
Income taxes
Future income taxes (note 5) 1,453 2,297
---------------------------------------------------------------------------
Net earnings for the period 3,012 4,974
Retained earnings (deficit), beginning of period 1,929 (33)
---------------------------------------------------------------------------
Retained earnings, end of period $ 4,941 $ 4,941

Net earnings per share (note 8)
Basic $ 0.13 $ 0.21
Diluted $ 0.13 $ 0.20
---------------------------------------------------------------------------
---------------------------------------------------------------------------

See accompanying notes.



CONSOLIDATED STATEMENT OF CASH FLOWS

---------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
(Cdn $ in thousands) (Unaudited) 2006 2006
---------------------------------------------------------------------------
Cash provided by (used in):
Operating activities
Net earnings for the period $ 3,012 $ 4,974
Items not involving cash:
Depletion, depreciation and accretion 1,011 1,868
Future income taxes 1,453 2,297
Stock-based compensation 91 316
---------------------------------------------------------------------------
Funds flow from operations 5,567 9,455
Change in non-cash operations working
capital (note 11) (863) (1,402)
---------------------------------------------------------------------------
4,704 8,053
---------------------------------------------------------------------------

Financing activities
Issue of common shares, net of issue costs - 5,621
Change in non-cash financing working capital
(note 11) (29) -
---------------------------------------------------------------------------
(29) 5,621
---------------------------------------------------------------------------

Investing activities
Expenditures on property, plant and equipment (5,720) (12,197)
Change in non-cash investing working capital
(note 11) 852 3,024
---------------------------------------------------------------------------
(4,868) (9,173)
---------------------------------------------------------------------------
Increase (decrease) in cash and term deposits (193) 4,501
Cash and term deposits, beginning of period 8,983 4,289
---------------------------------------------------------------------------
Cash and term deposits, end of period $ 8,790 $ 8,790
---------------------------------------------------------------------------
---------------------------------------------------------------------------

See accompanying notes.



NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS
For the nine months ended September 30, 2006
(Tabular amounts in Cdn. $ thousands)
(Unaudited)


1. Basis of Presentation

Bulldog Resources Inc. ("Bulldog") was incorporated under the Business Corporations Act (Alberta) on October 24, 2005 and commenced operations on November 30, 2005 upon completion of the Plan of Arrangement ("Arrangement") involving Bulldog Energy Inc. and its subsidiaries and Crescent Point Energy Trust. Bulldog's principal business activity is the exploration, exploitation, development and production of petroleum and natural gas reserves in Western Canadian Sedimentary Basin.

The consolidated financial statements include the accounts of Bulldog, it's wholly owned subsidiary Bulldog Ventures Ltd. and Bulldog Partnership. These interim consolidated financial statements have not been audited and have been prepared by management in accordance with Canadian generally accepted accounting principles and follow the same accounting policies and methods as used in the annual financial statements for the period ended December 31, 2005. These interim financial statements should be read in conjunction with the audited financial statements included in Bulldog's 2005 annual report.



2. Property, Plant and Equipment

---------------------------------------------------------------------------
September 30, December 31,
(Cdn $ in thousands) 2006 2005
---------------------------------------------------------------------------
Property, plant and equipment $ 17,841 $ 5,308
Accumulated depletion and depreciation (1,961) (123)
---------------------------------------------------------------------------
Net book value $ 15,880 $ 5,185
---------------------------------------------------------------------------
---------------------------------------------------------------------------


During the three month period ended September 30, 2006, Bulldog capitalized general and administrative costs of $208,000 ($588,000 for the nine month period ended September 30, 2006) which is included in property, plant and equipment. During the three month period ended September 30, 2006, Bulldog capitalized stock based compensation costs of $60,000 which is included in property, plant and equipment.

As at September 30, 2006 land and seismic costs associated with unproven properties that were excluded from costs subject to depletion and depreciation were $2,437,000. Estimated salvage values of $1,163,000 reduced the costs of equipment subject to depreciation. Estimated future development costs on proved reserves of $2,025,000 as at September 30, 2006 are included in the calculation of depletion and depreciation.

3. Bank Credit Facilities

Bulldog has a $7.0 million revolving operating loan credit facility and a $1.0 million non revolving acquisition/development credit facility with a Canadian bank. Borrowings under these facilities are payable on demand and are limited to a borrowing base as determined from time to time by the bank. The revolving operating loan and acquisition/ development credit facilities bear interest at the bank's prime rate plus 0.50 percent and 0.75 percent per annum respectively. The assets of Bulldog are pledged as security for amounts drawn under these facilities and the facilities are also secured by a general security agreement and a floating charge debenture. At September 30, 2006, these credit facilities were undrawn.

4. Asset Retirement Obligations

The future asset retirement obligations were estimated based on Bulldog's net ownership in all wells and facilities, the estimated costs to abandon and reclaim the wells and facilities and the estimated timing of the costs to be incurred in future periods. As at September 30, 2006, the total undiscounted amount of the estimated cash flows required to settle the asset retirement obligations is approximately $0.9 million which will be incurred over the next 15 years, with the majority of the expenditures to be incurred by 2015. A credit adjusted risk-free rate of eight percent and an inflation rate of two percent was used to calculate the fair value of the asset retirement obligations.



Changes to asset retirement obligations were as follows:
---------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
(Cdn $ in thousands) 2006 2006
---------------------------------------------------------------------------
Balance, beginning of period $ 554 $ 367
Change in estimates - (18)
Increase in liabilities 74 259
Accretion expense 10 30
---------------------------------------------------------------------------
Balance, end of period $ 638 $ 638
---------------------------------------------------------------------------
---------------------------------------------------------------------------


5. Future Income Taxes

The provision for income taxes recorded in the financial statements differs from the amount which would be obtained by applying the statutory income tax rate of 37.06 percent to the earnings for the period as follows:



---------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
(Cdn $ in thousands) 2006 2006
---------------------------------------------------------------------------
Earning before income taxes $ 4,465 $ 7,271
Statutory income tax rate 37.06% 37.06%
---------------------------------------------------------------------------
Expected income tax 1,655 2,695
Increase (decrease) resulting from:
Non-deductible crown payments 105 182
Resource allowance (196) (331)
Non-deductible stock based compensation 33 116
Change in statutory income tax rates (144) (365)
---------------------------------------------------------------------------
Future income tax provision $ 1,453 $ 2,297
---------------------------------------------------------------------------
---------------------------------------------------------------------------


6. SHARE CAPITAL

Authorized:
Unlimited number of Class A preferred shares
Unlimited number of common voting shares

Issued and outstanding common shares:
---------------------------------------------------------------------------
(Cdn$ in thousands except share amounts) Number Amount
---------------------------------------------------------------------------
Balance - December 31, 2005 21,581,202 $ 8,655
Changes during the period
Tax effect of flow-through shares (741)
Issued for cash 3,378,000 6,080
Share issue costs, net of tax benefits of $149 (310)
---------------------------------------------------------------------------
Balance, September 30, 2006 24,959,202 $ 13,684
---------------------------------------------------------------------------
---------------------------------------------------------------------------


On November 29, 2005 Bulldog raised $4.0 million through a private placement of 4,000,000 common shares at a price of $1.00 per share (2,000,000 of these shares were issued on a flow-through basis for income taxes purposes). In February 2006, Bulldog renounced $2.0 million of Canadian Exploration Expenditures effective December 31, 2005 related to the common shares issued on a flow-through basis. Bulldog has incurred the required qualifying expenditures as of June 30, 2006.

On March 13, 2006 Bulldog entered into a bought deal financing agreement with a syndicate of underwriters to issue 3,378,000 common shares at a price of $1.80 per share for net proceeds, after share issue expenses, of $5,621,000. The common shares were issued by way of a private placement. Bulldog's directors, officers, employees and their immediate families purchased 465,000 of these common shares (a total of $837,000). The financing closed on April 4, 2006.

Common shares reserved for issue:

Performance Warrants

On November 29, 2005 Bulldog issued 1,875,000 performance warrants. Each performance warrant will be exercisable for one Common Share at a price of $1.00 per share upon satisfaction of the following vesting provisions:

a) the first half of each holder's performance warrants shall vest and become exercisable if the holder continues to be a director, officer or employee of Bulldog as at December 1, 2006 and at any time during the term of the performance warrants, the thirty day weighted average trading price of the Common Shares is equal to or greater than $1.50 per share. This share price requirement was achieved on January 20, 2006.

b) the second half of each holder's performance warrants shall vest and become exercisable if the holder continues to be a director, officer or employee as at December 1, 2007 and at any time during the term of the performance warrants, the thirty day weighted average trading price of the Common Shares is equal to or greater than $2.00 per share. This share price requirement was achieved on April 17, 2006.

At September 30, 2006 none of the performance warrants had vested or become exercisable. The performance warrants expire on November 29, 2010.

Stock Options

Under the Arrangement, the shareholders also approved Bulldog's stock option plan. The number of common shares reserved for options granted under the stock option plan, together with any common shares reserved for issuance pursuant to the exercise of the performance warrants, may not be more than 10% of the aggregate number of the then issued and outstanding common shares. As a result, the 2,495,920 Common Shares authorized for issuance pursuant to the stock option plan of Bulldog as at September 30, 2006 is reduced by the 1,875,000 Common Shares issuable on the exercise of the performance warrants.



The following table summarizes stock options standing as at September 30,
2006
---------------------------------------------------------------------------
Number Exercise Remaining
of price life Options
shares per share (years) exercisable
---------------------------------------------------------------------------
Balance December 31, 2005 - - - -
Granted June 27, 2006 432,500 $ 2.19 5.0 -
---------------------------------------------------------------------------
Balance September 30, 2006 432,500 $ 2.19 5.0 -
---------------------------------------------------------------------------
---------------------------------------------------------------------------


7. Stock Based Compensation

For purposes of calculating stock-based compensation expense it was assumed that 100 percent of the stock options and performance warrants would vest. The per share fair value of the stock options granted on June 27, 2006 and the performance warrants granted in December 2005 were estimated based on the date of grant using the Black-Scholes option pricing model with the following assumptions:



---------------------------------------------------------------------------
Stock Performance
Options Warrants
---------------------------------------------------------------------------
Risk free interest rate (%) 4.28 3.90
Expected life (years) 5 5
Expected volatility (%) 50 50
Expected dividends (%) - -
Grant-date fair value $ 1.06 $ 0.48
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Contributed Surplus

---------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
(Cdn $ in thousands) 2006 2006
---------------------------------------------------------------------------
Balance, beginning of period $ 263 $ 38
Stock-based compensation 151 376
---------------------------------------------------------------------------
Balance, end of period $ 414 $ 414
---------------------------------------------------------------------------
---------------------------------------------------------------------------


8. NET EARNINGS PER SHARE

The following table summarizes the weighted average common shares used in
calculating net earnings per common share:
---------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
2006 2006
---------------------------------------------------------------------------
Basic 24,959,202 23,796,081
Diluted 26,019,866 24,856,745
---------------------------------------------------------------------------
---------------------------------------------------------------------------


The reconciling item between the basic and average common shares is the performance warrants and stock options as described in Note 7.

9. Related Party Transactions

In the third quarter of 2006 Bulldog entered into a joint venture agreement with a Company whose President is the Chairman of the Board of Bulldog. Under the terms of the agreement, Bulldog has committed to participate in a drilling program in Southeast Saskatchewan under terms that were negotiated and are industry standard. In the third quarter Bulldog incurred $0.4 million of capital expenditures under this joint venture agreement.

During the nine month period ended September 30, 2006 Bulldog paid $4,200 to the Chairman of the Board of Bulldog related to surface land rentals.

A director of Bulldog is a partner in a law firm that provides legal services to Bulldog related to administrative activities and share issue costs, which totaled $37,000 for the three months ended September 30,2006 ( $140,000 for the nine months ended September 30, 2006).

10. Fair Value

The carrying value of accounts and taxes receivable, and accounts payable and accrued liabilities approximated their fair values as at September 30, 2006 due to the short term maturity of these instruments. Bulldog's accounts receivable are with customers and joint venture partners in the petroleum and natural gas industry and are subject to normal credit risks. Bulldog sells substantially all of its production to one credit-worthy purchaser under normal industry sale and payment terms. Amounts receivable from joint venture partners are recoverable from production and, accordingly, Bulldog views credit risks on these amounts as minimal.



11. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in non-cash working capital were comprised of the following:
---------------------------------------------------------------------------
Three months Nine months
ended ended
September 30, September 30,
(Cdn $ in thousands) 2006 2006
---------------------------------------------------------------------------
Accounts and taxes receivable $ (1,309) $ (2,650)
Prepaid expenses 58 (46)
Accounts payable and accrued liabilities 1,211 4,318
---------------------------------------------------------------------------
Net change $ (40) $ 1,622
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Net change by activity:
Operating $ (863) $ (1,402)
Financing (29) -
Investing 852 3,024
---------------------------------------------------------------------------
Net change $ (40) $ 1,622
---------------------------------------------------------------------------
---------------------------------------------------------------------------


12. Commitments

At September 30, 2006 Bulldog had an office space lease commitment through to June 2011 totaling $655,000 (2006-$33,000, 2007- $130,000, 2008- $134,000, 2009- $141,000, 2010 -$145,000 and 2011- $73,000).

In August 2006 Bulldog entered into an agreement for the construction of a natural gas pipeline required to transport and market natural gas from its Fertile property located in Southeast Saskatchewan. The estimated gross cost of this pipeline is $2.5 million. Construction is expected to be completed by the end of January 2007. Bulldog's partner in the Fertile property has agreed to be responsible for all terms and conditions of the agreement related to their 50 percent working interest in this property, resulting in Bulldog's net estimated capital expenditure commitment of $1.25 million. The commitment will be settled by the delivery of natural gas and liquids production "in kind" from the Fertile property over a period not exceeding 18 months. Any remaining liability after the 18 months period will be settled by a cash payment.

In October 2006 Bulldog entered into an agreement for the construction of an oil pipeline to transport oil from its Fertile battery located in Southeast Saskatchewan. The estimated gross cost of this oil pipeline is $2.6 million. Construction is expected to be completed by the end of 2006. Bulldog's partner in the Fertile property has agreed to be responsible for all terms and conditions of the agreement related to their 50 percent working interest in this property, resulting in Bulldog's net estimated capital expenditure commitment of $1.3 million. This commitment will be settled by an oil volume tariff, with a required minimum payment of 20 percent per annum of the original liability.



Shareholder Information


Board of Directors Officers Bankers

E. Craig Lothian, Kenneth D. McKay, National Bank
LL.B.(1)(3) P. GEOL. Calgary, Alberta
Chairman of the Board President & Chief
Regina, Saskatchewan Executive Officer


Claudio A. Ghersinich, S. Bruce McKay, Auditors
P. ENG.(1)(2) C.E.T. KPMG LLP
Calgary, Alberta Vice President Chartered Accountants
Production & Chief Calgary, Alberta
Operating Officer

S. Bruce McKay, Michael H. Flanagan,
C.E.T. P. LAND
Calgary, Alberta Executive Vice
President Land

Kenneth D. McKay, Robert E. Kraft, Solicitors
P. GEOL. C.A. Heenan Blaikie LLP
Calgary, Alberta Chief Financial Barristers & Solicitors
Officer Calgary, Alberta


James M. Pasieka, Evaluation Engineers Stock Exchange
LL.B. (2)(3) GLJ Petroleum The TSX Exchange
Calgary, Alberta Consultants Ltd. Symbol: BD
Calgary, Alberta


John A. Thomson, Transfer Agent
C.A.(1)(3) Olympia Trust Company
Calgary, Alberta Telephone (403) 261-0900


(1) Members of the Audit Committee
(2) Members of the Reserve Committee
(3) Members of the Governance &
Compensation Committee


FORWARD LOOKING INFORMATION

Certain statements included in this interim report and press release constitute forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this interim report and press release include but are not limited to capital expenditures, business strategy and objectives, net revenue, future production levels, development plans and the timing thereof, operating and other costs, royalty rates etc. Such forward looking information involves substantial known and unknown risks and uncertainties. Most of these are beyond Bulldog's control and include: the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, and the availability of qualified personnel and services, stock market volatility, and the access to sufficient capital from internal and external sources.

Such forward-looking statements or information are based on a number of assumptions which may prove to be incorrect. Although Bulldog believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Bulldog can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Bulldog and described in the forward-looking statements or information.

The forward-looking statements or information contained in this interim report and press release are made as of the date hereof and Bulldog undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Bulldog Resources Inc.
    Ken McKay
    President & CEO
    (403) 266-6902
    or
    Bulldog Resources Inc.
    Rob Kraft
    Chief Financial Officer
    (403) 266-6902
    Email: info@bulldogresources.ca