VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/13/12 -- Bucking Horse Energy Inc. (TSX: BUC) ("Bucking Horse" or the "Company") announces that its wholly-owned subsidiary has entered into a Purchase and Sale Agreement ("PSA") with a subsidiary of Freepoint Resources LLC, an arms-length purchaser, for the Company's developed well-bore interests (the "Assets") in the Pinedale field in Wyoming. The Assets include 66 oil and gas wells and associated petroleum and natural gas production rights being sold for a purchase price of US$61,000,000; the PSA has an effective date of August 1, 2012. The transaction is scheduled to close on or before February 28, 2013 and is subject to approval by the Company's shareholders, secured debt holders and the TSX, as well as customary closing conditions.
The Company's undeveloped Pinedale assets are not included in the transaction.
BMO Capital Markets was the advisor and marketing agent to the Company.
About Bucking Horse Energy Inc.
Bucking Horse is an independent oil and gas exploration and production company focused exclusively on its natural gas properties in the Pinedale field, within the Green River Basin of southwestern Wyoming. The common shares of Bucking Horse are listed for trading on the Toronto Stock Exchange under the symbol "BUC."
On behalf of the Board of Directors:
Gordon Nielsen, President & CEO
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include the Company's anticipation that the transaction will close as scheduled. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of our shareholders or the TSX not approving the transaction, regulatory decisions, or conditions to the PSA not being met, and other factors, many of which are beyond the control of the Company.
The forward-looking statements contained in this news release represent the Company's expectations as of the date hereof, and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
Bucking Horse Energy Inc.
President & CEO