BUCKING HORSE ENERGY INC 
By 900-609 West Hastings Street
Vancouver, BC V6B 4W4
Tel: (604) 331-3398
Fax: (604) 688-4712
November 8, 2011
BUCKING HORSE ENERGY INC. ANNOUNCES THIRD QUARTER FINANCIAL RESULTSVancouver, British Columbia - Bucking Horse Energy Inc. ("Bucking Horse" or the "Company", TSX: BUC) announces the results of its third quarter consolidated financial statements for the nine-month period ended September 30, 2011.
All references in this news release are in U.S. dollars unless otherwise stated. CONSOLIDATED RESULTS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2011:
• Cash flow from operations was $1,402,419
• Earnings before interest, taxes, depreciation and
amortization was $7,154,994
• Total operating revenue was $11,108,366
• Net loss before taxes was $4,429,476
Bucking Horse's cash generated by operations for the
nine-month period ended September 30, 2011 amounted to
$1,402,419. Cash flow used in operations before change in net
working capital amounted to
$1,387,133 for the nine months ended September 30, 2010.
Earnings before interest, taxes, depreciation and
amortization ("EBITDA") (1) for the nine-month
period ended September 30, 2011 decreased to
$7,154,994 compared to $8,455,222 for the nine-month period
ending September 30, 2010. Total operating revenue for the
nine-month period ended September 30, 2011 was $11,108,366.
Net loss increased to
$5,365,661. Net loss before taxes for the nine-month period
ended September 30, 2011 was $4,429,476.
Direct operating expenses for the nine-month period ended
September 30, 2011 were $9,539,030 ($4,521,437 in non-cash
depreciation and depletion costs, $1,022,841 in State taxes,
and $3,994,752 in operating expenses).
Other expenses for the nine-month period ended September 30,
2011 increased to $5,998,812. General and administration
expenses were $522,971 for the nine-month period ended
September 30, 2011. There was a foreign exchange loss of
$579,159 for the nine-month period ended September 30, 2011.
Interest expense increased to $6,199,026 for the nine-month
period ended September 30, 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 Reporting Standards ("IFRS") and is offered as a
commonly used industry metric for comparative purposes only.
- 2 -
Reconciliation of Cash Flow from Operations before Change in Net Working Capital
Net cash flow (used in) provided by operating activities Less: Accounts payable and accrued liabilities Prepaid expenses Accounts receivable Income taxes Cash flow (used in) provided by operations before change in net working capital | Nine months ended Nine months ended September 30, 2011 September 30, 2010 | ||||||||||||||||||||||||||||||
Net cash flow (used in) provided by operating activities Less: Accounts payable and accrued liabilities Prepaid expenses Accounts receivable Income taxes Cash flow (used in) provided by operations before change in net working capital | $1,402,419 ($548,519) (954,810) 850,203 Share
© Publicnow - 2011
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