The Buffalo Oil Corporation
TSX VENTURE : BFO

The Buffalo Oil Corporation

October 19, 2005 07:18 ET

The Buffalo Oil Corporation: 2006 Capital Program and Guidance

CALGARY, ALBERTA--(CCNMatthews - Oct. 19, 2005) - The Buffalo Oil Corporation (TSX VENTURE:BFO) ("Buffalo" or the "Corporation") is pleased to announce that subsequent to the closing of its acquisition on the reserve lands of The Frog Lake First Nation in eastern Alberta, daily production for the fourth quarter is expected to average 1,000 boe/day and 2005 exit production is expected to be approximately 1,100 boe/day.

Buffalo's 2006 capital program, which will be funded through cash flow and debt, is expected to include the drilling of 50 gross wells (20 net) in the Frog Lake area of eastern Alberta, the Peace River Arch of northern Alberta and southeastern Saskatchewan. The Company expects production to average 1,400 boe/day in 2006 with an exit rate of approximately 1,600 boe/day. Funds from operations in 2006 is expected to be $8.0 million ($0.50 per share fully diluted).

Buffalo is an emerging junior oil and gas company engaged in the exploration, development and production of oil and gas reserves in Alberta and Saskatchewan.

This press release contains forward-looking statements. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, reliance should not be placed on forward-looking statements. Buffalo's actual results, performance or achievement could differ materially from those expressed in, or implied by these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Buffalo will derive therefrom. Buffalo disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The TSX Venture Exchange has neither approved nor disapproved this press release and does not accept responsibility for the adequacy or accuracy of the contents.

Contact Information

  • The Buffalo Oil Corporation
    William (Bill) Trickett
    (403) 252-2462
    (403) 252-1399 (FAX)
    btrickett@buffalo-oil.com
    or
    The Buffalo Oil Corporation
    Trevor Penford
    (403) 252-2462
    (403) 252-1399 (FAX)
    tpenford@buffalo-oil.com
    or
    The Buffalo Oil Corporation
    Suite 211, 7710 - 5th Street S.E.
    Calgary, Alberta T2H 2L9