900-609 West Hastings Street
Vancouver, BC V6B 4W4
Tel: (604) 331-3398
Fax: (604) 688-4712
March 26, 2012
BUCKING HORSE ENERGY INC. ANNOUNCES YEAR-END FINANCIAL RESULTSVancouver, British Columbia - Bucking Horse Energy Inc. ("Bucking Horse" or the "Company", TSX: BUC) 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.
- 2 -
Reconciliation of EBITDA to Net Income
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)
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 contact: Gordon Nielsen at 604-331-3398 or 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.
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| This press release was issued by Bucking Horse Energy Inc. and was initially posted at http://www.buckinghorseenergy.com/news/BUCNRFR20120326.pdf . It was distributed, unedited and unaltered, by noodls on 2012-03-27 01:49:51 AM. The issuer is solely responsible for the accuracy of the information contained therein. |