VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/05/10 -- The Toronto Stock Exchange (the 'Exchange') has accepted Bucking Horse Energy Inc.'s (the 'Corporation') (TSX: BUC) Notice of Intention to Make a Normal Course Issuer Bid (the 'Notice') pursuant to which the Corporation indicated that it intends to make a normal course issuer bid for certain of its outstanding common shares ('Common shares') on the terms set forth in the Notice. At the time of filing the Notice, the Board of Directors of the Corporation was of the belief, and continues to be of the belief, that the purchase of Common shares from time to time at appropriate prices is an advantageous use of the Corporation's funds.
As of August 4, 2010, there were 22,726,213 Common shares outstanding. Under the rules of the Exchange, in the period commencing on August 10, 2010 and ending on August 9, 2011, the Corporation may acquire up to 750,000 Common shares, which represents 3.3% of the Common shares outstanding as at August 4, 2010 that may be purchased pursuant to the Notice. The average daily trading volume for the prior six months to the acceptance of the Notice was 869 Common shares. Pursuant to the normal course issuer bid, the Corporation may acquire a daily limit of 1,000 Common shares.
Any shares purchased pursuant to the Notice will be returned to treasury and cancelled. Shares will be purchased at the market price of the shares at the time of purchase and will be purchased on behalf of the Corporation by a registered investment dealer through the facilities of the Exchange. The funding for any purchase of Common shares pursuant to the normal course issuer bid will be financed out of working capital of the Corporation.
The Corporation has purchased within the 12 months preceding 268,300 of its issued and outstanding Common shares at an average price per Common share of $2.97.
A copy of the Notice may be obtained by any shareholder without charge, by contacting the Corporate Secretary of the Corporation at the head office of the Corporation.
Bucking Horse Energy Inc. is an independent oil and gas exploration and production company focused in the Pinedale field, within the Green River Basin of southwestern Wyoming. The Common shares of the Corporation are listed for trading on the Toronto Stock Exchange under the symbol 'BUC'. More information about Bucking Horse Energy Inc. can be found on its website www.buckinghorseenergy.com.
On behalf of the Board of Directors:
Gordon Nielsen, President
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 that we anticipate acquiring up to 750,000 of our Common shares in an issuer bid. The Corporation's actual results could differ materially from those anticipated in these forward-looking statements as a result of regulatory decisions, competitive factors in the industries in which the Corporation operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Corporation. Further, our board may consider that market prices or unexpected requirements for our cash make it unfeasible for us to acquire any of our Common shares.
The forward-looking statements contained in this news release represent the Corporation's expectations as of the date hereof, and are subject to change after such date. The Corporation 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.