Bucking Horse Energy Inc., Vancouver, (TSX: BUC), along with all its wholly owned subsidiaries, has provided an update on its Pinedale operations. All dollar amounts below are expressed in U.S. dollars.

To date in 2011, 10 new directional infill wells (2.31 net) have been developed at the company's Mesa property situated in the Pinedale natural gas field in southwest Wyoming. The ninth and tenth 2011 Mesa wells were successfully developed and turned to sales in mid-October. Initial peak 24 hour gross production rates of the 10 wells averaged 7.5 million cubic feet (MMcf) of natural gas per day. The company has invested approximately $11.3 million to fund its share of the 10 new wells.

The company owns a 23.12% working interest in the Mesa property. The Mesa infill wells target pay objectives within tight sandstones of the prolific Lance Formation and may be developed on 32 wells per quarter section, or one well per approximately 5 acres.

Bucking Horse's current total production net of royalties is approximately 10 million cubic feet equivalent (MMcfe) per day from a total of 48 gross producing wells (14.91 net).

Operations Outlook

Bucking Horse has elected to participate in 18 additional infill development wells (4.14 net) at Mesa. These wells have been successfully permitted with well conductors established on a simultaneous operations drill pad. Drilling operations have commenced on the initial wells and development will carry over into the New Year through the third quarter of 2012. Initial production sales associated with the program are expected to commence in early 2012. Assuming success with the 18 well program, Bucking Horse expects to target production rates of up to 20 MMcfe per day by the end of the third quarter of 2012. The company's share of capital expenditures associated with the 18 Mesa infill wells are estimated to be approximately $20 million which the company expects to fund from its internal cash flow and existing bank facility.

The company expects to continue to benefit from operator efficiencies associated with simultaneous operations development pads, built for purpose self-moving rigs, and year round development. Individual well costs are forecast at $4.7 million gross with estimated spud to total depth periods of 14 to 15 days per well. The operator has enjoyed a 100% drilling success rate in the area.