Unbridled Energy Corporation
TSX VENTURE : UNE
FRANKFURT : O4U
OTC Bulletin Board : UNEFF

Unbridled Energy Corporation

April 24, 2008 17:32 ET

Unbridled Energy Corporation Amends Private Placement

CALGARY, ALBERTA and PITTSBURGH, PENNSYLVANIA--(Marketwire - April 24, 2008) -

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

Unbridled Energy Corporation (TSX VENTURE:UNE)(OTCBB:UNEFF)(FRANKFURT:O4U) (the "Company") announces that it is amending the terms of its private placement first announced in its news release of March 18, 2008. The Company now intends to raise up to $7.0 million by way of a private placement financing by offering a combination of units (the "Units") at a price of $0.30 per Unit and flow-through shares (the "Flow-Through Shares") at a price of $0.33 per Flow-Through Share (the "Offering"). The final numbers of Units and Flow-Through Shares will be determined by the outcome of discussions with potential subscribers. As originally announced, each Unit will comprise one common share and one-half of one warrant. Each whole warrant will be exercisable for a period of 18 months from the closing date to acquire one additional common share at a price of $0.45 per share. The net proceeds from the sale of flow-through common shares will be used to incur exploration and development expenses which qualify as CEE under the Income Tax Act (Canada).

The other terms of the Offering remain unchanged. The amended terms of the Offering, including a request for an extension of the time for filing final private placement materials, are subject to acceptance by the TSX Venture Exchange.

The total amount of the Offering is being increased from $5.0 million to $7.0 million due to increased investor interest in the Offering and joint venture opportunities for the Company in the Marcellus Shale Play, Appalachian Basin, with primary focus in Pennsylvania. Also, a portion of the additional proceeds will be applied to drilling six wells of a planned 10-well drilling program in New York State, increased from the original plan to drill five such wells. On April 22, 2008, "Reheiser #2", the first of those now six wells, in Ellery Township, New York, was spudded. The rig was drilling ahead at 1,158 feet as of 8:00 am on April 24, 2008.

Also, Equitable Production Company, the Company's co-venture partner in Ohio, has moved a drilling rig on location and spudded the first of three horizontal wells at midnight, April 23, 2008, on the Company's Lower Huron Shale Gas Play in Ohio. The rig was setting 9 5/8 in conductor at 120 feet as of 8:00 am on April 24, 2008.

The securities to be issued under the Offering have not been registered under the United States Securities Act of 1933 (as amended) or any state securities laws, and unless so registered may not be offered or sold in the United States or to U.S. Persons, except pursuant to an exemption from, or in a transaction subject to, the registration requirements of the Securities Act of 1933 (as amended) and applicable state securities laws. This press release is issued pursuant to Rule 135(c) of the Securities Act of 1933 (as amended), and does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Unbridled Energy Corporation

Joseph H. Frantz Jr., President & CEO

Forward-Looking Statements

This press release contains certain "forward-looking statements", as defined in the United States Private Securities Litigation Reform Act of 1995, and within the meaning of Canadian securities legislation, relating to the proposed Offering (as defined above), including the use of proceeds, and future plans for drilling new wells, entering into new joint ventures and further property acquisitions. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, but are not limited to, the Company's inability to secure subscriptions from investors to complete the proposed Offering in whole or in part, a management decision to change its plans relating to the Offering, the use of financing proceeds, exploration, or future joint ventures and acquisitions, based on changing circumstances such as changes in natural gas prices, the possibility that exploration efforts will not yield economically recoverable quantities of gas, accidents and other risks associated with gas exploration and development operations, the risk that the Company will encounter unanticipated geological factors, the availability of drill rigs and other exploration infrastructure, the need of the Company and its joint venture partners for and ability to obtain additional financing, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration and development plans, and the other risk factors discussed in greater detail in the Company's various filings on SEDAR (www.sedar.com) with Canadian securities regulators and its filings with the U.S. Securities and Exchange Commission, including the Company's Form 20-F.

THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Unbridled Energy Corporation
    Mark Mastilliak
    Investor Relations Consultant
    1-800-940-6781
    Website: www.unbridledenergy.com