VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2012) - Bucking Horse Energy Inc. ("Bucking Horse" or the "Company") (TSX:BUC) announces the results of its first quarter unaudited interim condensed consolidated financial statements for the three-month period ended March 31, 2012. All references in this news release are in U.S. dollars unless otherwise stated. CONSOLIDATED RESULTS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2012: /T/ -- Cash flow used in operations was $431,789 -- Earnings before interest, taxes, depreciation and amortization (EBITDA) was $3,680,252 -- Total operating revenue was $3,353,718 -- Net loss before taxes was $903,177 /T/ Bucking Horse's cash flow used in operations for the three-month period ended March 31, 2012 increased to $431,789. Earnings before interest, taxes, depreciation and amortization ("EBITDA") (1) for the three-month period ended March 31, 2012 increased to $3,680,232. Total operating revenue for the three-month period ended March 31, 2012 was $3,353,718. Net loss decreased to $1,670,178. Net loss before taxes for the three-month period ended March 31, 2012 was $903,177. Direct operating expenses for the three-month period ended March 31, 2012 were $3,883,838 ($2,138,724 in non-cash depreciation and depletion costs, $292,224 in State taxes, and $1,452,890 in operating expenses). Other expenses and income for the three-month period ended March 31, 2012 decreased to a total expense of $373,057. General and administration expenses were $154,647 for the three-month period ended March 31, 2012. There was a foreign exchange loss of $170,999 for the three-month period ended March 31, 2012. Interest expense increased to $2,131,288 for the three-month period ended March 31, 2012. 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 Reporting Standards ("IFRS") and is offered as a commonly used industry metric for comparative purposes only. /T/ Reconciliation of Cash Flow from Operations before Change in Net Working Capital ----------------------------------------------------------------------- Three months ended Three months ended March 31, March 31, 2012 2011 ---------------------------------------- Net cash flow provided by (used in) operating activities $(431,789) $652,345 Less: Accounts payable and accrued liabilities (1,127,963) 1,080,114 State resource taxes 138,232 88,717 Accounts receivable 214,383 247,540 Income taxes (307,947) (217,490) Cash flow from (to) operations before change in net working capital $651,506 $(545,536) ----------------------------------------------------------------------- Reconciliation of EBITDA to Net Income ----------------------------------------------------------------------- Three Three months ended months ended March 31, March 31, 2012 2011 --------------------------------------- EBITDA $3,680,252 $952,620 Less: Depletion, depreciation and accretion 2,465,389 1,682,451 Interest 2,131,288 2,054,115 Income taxes 767,001 (119,533) Net income (loss) $(1,683,426) $(2,664,413) ----------------------------------------------------------------------- /T/ 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. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.