Unbridled Energy Corporation

Unbridled Energy Corporation

November 20, 2007 09:00 ET

Unbridled Energy Corporation Closes $6 Million Credit Facility With Huntington National Bank

CALGARY, ALBERTA and PITTSBURGH, PENNSYLVANIA--(Marketwire - Nov. 20, 2007) - Unbridled Energy Corporation (TSX VENTURE:UNE)(FRANKFURT:O4U) (the "Company" or "Unbridled") is pleased to announce final execution of a Business Loan Agreement and Promissory Note for $6,000,000 USD with the Huntington National Bank on Friday, November 16, 2007 thus completing the transaction first announced by the Company on October 23, 2007. The initial lending base is $4,200,000 USD. Funds from this debt facility will be applied to the ongoing development of the Company's existing reserve base in the Appalachian Basin, USA, further development of the Company's project in the Chambers area of the Western Canadian Sedimentary Basin, and general corporate purposes. Interest will be charged on the outstanding principal at a rate of LIBOR (currently 4.65%) plus 250 basis points (or 2.5%). The loan is secured by Unbridled's reserves in Chautauqua County, New York, USA.

"We are very pleased to have Unbridled Energy Corporation partner with Huntington National Bank," says Joe Frantz, President. "In our view, these favourable terms are a show of confidence by Huntington Bank in our reserve base, corporate management, and growth potential in the USA and Canada. This debt facility allows Unbridled to minimize shareholder dilution, reduce cost of capital and allow management to grow the Company, measured by value per share."

Unbridled also announces it is granting Mr. Richard Day, who recently joined the Board of Directors, incentive stock options to purchase up to 100,000 Common shares, under its Share Option Plan, exercisable for a period of five years ending on November 19, 2011 at a price of $0.75 per share.

Unbridled Energy

Unbridled Energy is an independent natural gas evaluation and production company specializing in shale gas and tight gas sands ("TGS") opportunities in two main basins within North America; the eastern US Appalachian Basin and the Western Canadian Sedimentary Basin. The Company is applying a lower risk production enhancement strategy on existing wells, and the latest horizontal drilling and fracing technologies on new wells in well known shale gas and TGS formations in the Appalachian Basin. Importantly, management is also employing a "first mover" approach to large scale shale gas and TGS resource opportunities in the 580,000 square mile Western Canadian Sedimentary Basin. The Company has offices in Pittsburgh, Pennsylvania and Calgary, Alberta.

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 application of loan proceeds to the further development of the Company's projects in the Appalachian Basin, USA and the Chambers area of the Western Canadian Sedimentary Basin. The Company may change its use of the subject loan proceeds if Company management believes that doing so is appropriate and in the Company's interests. 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: the volatility of 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 Company's need 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 (Amended) dated January 9, 2007.

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
    Website: www.unbridledenergy.com