Bucking Horse Energy Inc. Announces Year-End Financial Results

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 26, 2012) - Bucking Horse Energy Inc. ("Bucking Horse" or the "Company") (TSX:BUC.TO - News) announces the results of its year-end consolidated financial statements for the twelve-month period ended December 31, 2011.

All references in this news release are in U.S. dollars unless otherwise stated.

CONSOLIDATED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2011:





--  Cash flow from operations was $6,312,187

      

--  Earnings before interest, taxes, depreciation and amortization (EBITDA)

    was $11,822,211

      

--  Total operating revenue was $14,966,440

      

--  Net loss before taxes was $4,439,210



Bucking Horse's cash flow from operations for the year ended December 31, 2011 increased to $6,312,187. Earnings before interest, taxes, depreciation and amortization ("EBITDA") (1) for the year ended December 31, 2011 increased to $11,822,211. Total operating revenue for the year ended December 31, 2011 was $14,966,440. Net loss increased to $5,986,446. Net loss before taxes for the year ended December 31, 2011 was $4,439,210.

Direct operating expenses for the year ended December 31, 2011 were $13,743,221 ($6,843,587 in non-cash depreciation and depletion costs, $1,366,975 in State taxes, and $5,532,659 in operating expenses).

Other expenses and income for the year ended December 31, 2011 increased to a total expense of $5,662,429. General and administration expenses were $813,337 for the year ended December 31, 2011. There was a foreign exchange loss of $797,727 for the year ended December 31, 2011. Interest expense increased to $8,249,364 for the year ended December 31, 2011.

Note (1) EBITDA is defined as earnings before interest, taxes, depreciation and amortization and other items. EBITDA is not a recognized measure under International Financial ("IFRS") and is offered as a commonly used industry metric for comparative purposes only.





Reconciliation of EBITDA to Net Income                                      

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                                                 Year ended      Year ended 

                                               December 31,    December 31, 

                                                       2011            2010 

                                            --------------------------------

                                                                            

EBITDA                                       $   11,822,211  $   10,815,534 

Less:  Depletion, depreciation and accretion      8,012,057       6,841,615 

       Interest                                   8,249,364       7,745,572 

       Income taxes                               1,821,236       1,526,677 

                                                                            

Net income (loss)                            $   (6,260,446) $   (5,298,330)

                                                                            

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Bucking Horse's 2011 audited and interim Consolidated Financial Statements and Management Discussion and Analysis are available on SEDAR at www.sedar.com.

Bucking Horse Energy Inc. is a public oil and gas exploration, development and production company listed on the Toronto Stock Exchange with 22,618,113 shares issued. More information about Bucking Horse Energy Inc. can be found on our website.

For further information please visit the Company website at www.buckinghorseenergy.com.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact:
Gordon Nielsen
Bucking Horse Energy Inc.
604-331-3398
604-688-4712 (FAX)
www.buckinghorseenergy.com

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