Unbridled Energy Corporation
TSX VENTURE : UNE
FRANKFURT : O4U

Unbridled Energy Corporation

June 12, 2007 08:45 ET

Unbridled Energy Issues Operational Update

CALGARY, ALBERTA and PITTSBURGH, PENNSYLVANIA --(Marketwire - June 12, 2007) - Unbridled Energy Corporation (TSX VENTURE:UNE)(FRANKFURT:O4U) (the "Company") is pleased to issue an operational update on four properties.

CHAUTAUQUA LAKE PROPERTIES, CHAUTAUQUA COUNTY, NEW YORK

On April 2, 2007, Unbridled Energy purchased a 50% working interest ("WI") in 13,280 gross acres, in the State of New York. This property, with modest production, was primarily acquired to develop undeveloped unconventional natural gas reserves in tight gas sand and shale reservoirs. Reserve estimates established by Schlumberger Data & Consulting Services ("Schlumberger"), an independent qualified reserve estimator, are in excess of 31 billion cubic feet ("bcf") net to the Company of P3 (proven probable possible) reserves. It is Unbridled's intention, as operator, to apply the latest proven technology to develop this reserve base.

Management is now conducting field-wide geologic, reservoir, completion, and stimulation studies to be completed by the end of July 2007. These studies will establish the most effective technology for the ongoing development of these reserves. Specifically, as operator, it is Unbridled's intention to:

1) identify re-completion potential in the existing producing reservoirs,

2) identify behind pipe reserves,

3) establish infill locations, and

4) high grade proven, undeveloped locations for the fourth quarter ("Q4") drilling program.

For immediate production enhancement, management has conducted engineering and planning for the work-over of 11 producing wells. Work-over on four wells has now been completed, with work-overs on the remaining seven to be conducted in the next six weeks.

CHAMBERS AREA, ALBERTA

The Company holds an average of 35% working interest in 10,240 acres (16 sections), with an option on an additional 3,840 acres (six sections) in the Chambers area of Alberta, northwest of Calgary.

Over the spring breakup period, Unbridled has taken over as operator of the Chambers play. During the next three months, operations in this area will include tying in two wells, the 3-17-41-11 W5M ("3-17") and the 16-18-41-11 W5M ("16-18"), for natural gas production and the drilling of the Unbridled et al 16-21-41-11 W5M ("16-21").

Tie-in Operations

Unbridled will commence operations to tie in two existing gas wells, the 3-17, having tested at over 3 mmcfe/d(i) (million cubic feet equivalent per day), and the 6-18 with anticipated rates in excess of 450,000 cfe/d(i).

The production of the 6-18 is based on test results conducted previously with initial production of approximately 500,000 cfe/d. Unbridled, and partners, plan to lay a four inch line slightly in excess of one mile to connect the 6-18 to the 3-17. The Company then plans to construct a six inch line from the 3-17 connecting to the EnCana 3-9-41-11 W5M. Jointly, Unbridled et al will lay an approximate half mile six inch line to the nearby compressor station. The pipeline construction and production from both wells are scheduled to be completed by August 2007.

Drilling Operations

The 16-21 well, scheduled to spud July 2007, has been high graded by the use of 3D seismic and the 3-17 well results. This potential new pool well is licensed to the top of the Shunda formation and is expected to encounter multiple gas bearing formations to an approximate depth of 3,300 metres. Unbridled, and its partners, have identified an additional eight drilling locations on these lands.

OHIO RIVER PLAY, OHIO

The Company has purchased 100% WI in 15,427 acres for a reasonable cost in Jackson County, Ohio through an arm's-length transaction with a third party. The Company has committed to purchase approximately 7,500 additional acres in Jackson County, Ohio, and has the right of first refusal to continue purchasing additional acreage in an Area of Mutual Interest AMI. The Devonian group of shale reservoirs and the Clinton tight gas sand are available to exploit natural gas. Schlumberger estimated a discovered resource of over 300 bcf on the initial purchased acreage. A geologic study is almost complete to help high grade drilling locations. The Company anticipates drilling several test wells by year-end. The primary shale target for the new wells will be shallow at less than 1500 feet, so drilling and completion costs should be reasonable. Both vertical and horizontal wells are expected to be tested.

TRI-STATE PLAY, APPALACHIAN BASIN, NY

The Company has also completed a strategic study, through Schlumberger, on a portion of the Appalachian Basin for the purpose of identifying producing properties to either purchase or joint venture. These properties contain shale and tight gas sand opportunities where horizontal wells and multiple stimulation treatments can be applied. The Company is approaching various operators with the intention of commencing a drilling program by Q4.

President & CEO, Joe Frantz, said, "Our playbook in Appalachia continues to grow, as do our opportunities in Canada. We are putting plans in place to begin exploiting the reserves in New York in Q3, to test shales and tight gas sands in our new Ohio acreage in Q4, and to complete a joint venture or purchase a producing property in our Tri-State play by Q3, with drilling to commence in Q4. We believe significant, additional wells can be drilled over all of our acreage. We plan to apply newer technology in future well completions, given most of the wells were drilled and stimulated over 20 years ago using older technology. In Canada, our opportunities continue to grow. We are now in control of tying in our existing two wells and drilling on our third well in the Chambers area, scheduled for this summer. These are all critical steps in achieving our projected production and revenue."

US 20-F Registration

Effective March 14, 2007, the Company was a reporting issuer in the United States but subject to clearing final comments from the Securities Exchange Commission ("SEC"). Unbridled has now cleared all SEC staff comments. The Company's filings with the US SEC are publicly available on EDGAR at www.sec.gov.

About 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 production enhancement strategies 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.

By Order of the Board of Directors

Unbridled Energy Corporation

Joseph H. Frantz Jr., President & CEO

(i)Readers are cautioned that the use of the equivalency measures mmcfe/d (million cubic feet equivalent per day) and cfe/d (cubic feet equivalent per day) may be misleading, particularly if used in isolation. The Company has applied an mmcfe conversion ratio of 1,000 bbl : 6 mmcf, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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, including statements relating to the Company's exploration and development plans for its Chautauqua Lake Properties, its tie-in and exploration plans for its Alberta properties, and expected results from a workover program to improve production rates from existing wells. 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
    Investor Relations Consultant
    1-800-940-6781