Welcome!

News Feed Item

Bucking Horse Energy Inc. Announces Third Quarter Financial Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/09/12 -- Bucking Horse Energy Inc. ("Bucking Horse" or the "Company") (TSX:BUC) announces the results of its third quarter unaudited interim condensed consolidated financial statements for the nine-month period ended September 30, 2012.

All references in this news release are in U.S. dollars unless otherwise stated.

CONSOLIDATED RESULTS FOR THE NINE-MONTH PERIOD ENDED SEPTEMBER 30, 2012:


--  Cash flow used in operations was $1,327,456

--  Earnings before interest, taxes, depreciation, amortization and write
    down of natural gas properties was $4,507,190

--  Total operating revenue was $10,039,359

--  Net loss before taxes was $64,622,195

Bucking Horse's cash flow used in operations (outflow) for the nine-month period ended September 30, 2012 increased to $(1,327,456) from an inflow of $1,402,419 in September 30, 2011. Earnings before interest, taxes, depreciation, amortization and write down of natural gas properties (1) for the nine-month period ended September 30, 2012 decreased to $4,507,190. Total operating revenue for the nine-month period ended September 30, 2012 was $10,039,359. Net loss for the period increased to $45,143,859. Net loss before taxes for the nine-month period ended September 30, 2012 was $64,622,195.

Direct operating expenses for the nine-month period ended September 30, 2012 were $12,238,564 ($6,617,877 in non-cash depreciation and depletion costs, $871,965 in State resource taxes, and $4,748,722 in operating expenses).

Other expenses and income for the nine-month period ended September 30, 2012 increased to a total expense of $62,422,990, due largely to a ceiling-test non-cash write down of $55,059,793 for the period. General and administration expenses were $880,669 for the nine-month period ended September 30, 2012. There was a foreign exchange loss of $19,038 for the nine-month period ended September 30, 2012. Interest expense increased to $6,424,753 for the nine-month period ended September 30, 2012.

Note (1) Earnings before interest, taxes, depreciation and amortization and other items including write down of natural gas properties is not a recognized measure under International Financial Reporting Standards ("IFRS") and is offered as a commonly used industry metric for comparative purposes only.


Reconciliation of Cash Flow from Operations before Change in Net Working  
Capital                                                                  
-------------------------------------------------------------------------
                                              Nine months     Nine months 
                                                    ended           ended 
                                             September 30,   September 30, 
                                                     2012            2011 
                                          ------------------------------- 
                                                                          
Net cash flow provided by (used in)                                       
 operating activities                         $(1,327,456)     $1,402,419 
Less:                                                                     
  Accounts payable and accrued liabilities      4,433,409      (1,049,645)
  State resource taxes                            226,781          94,805 
  Accounts receivable                            (103,492)        108,944 
  Income taxes                                    507,705         830,580 
                                            -------------   -------------
                                                                          
Cash flow from operations before change in                                
 net working capital                           $3,736,947      $1,387,133 
                                            -------------   -------------
                                                                          
-------------------------------------------------------------------------
                                                                          
Reconciliation of Earnings Before Interest, Taxes, Depreciation,          
Amortization and Write Down of Natural Gas Properties to Net Income      
-------------------------------------------------------------------------
                                                                          
                                              Nine months     Nine months 
                                                    ended           ended 
                                             September 30,   September 30, 
                                                     2012            2011 
                                          ------------------------------- 
                                                                          
Earnings before interest, taxes,                                          
 depreciation, amortization and write down                                
 on natural gas properties:                    $4,507,190      $7,154,994 
Less:                                                                     
  Depletion, depreciation and accretion         7,644,839       5,385,444 
  Write-down of natural gas properties         55,059,793               - 
  Interest                                      6,424,753       6,199,026 
  Income taxes                                (19,478,336)        936,185 
                                            -------------   -------------
                                                                          
Net loss for the period                      $(45,143,859)    $(5,365,661)
                                            -------------   -------------
-------------------------------------------------------------------------

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 22,604,213 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.

Contacts:
Bucking Horse Energy Inc.
Gordon Nielsen
604-331-3398
604-688-4712 (FAX)
www.buckinghorseenergy.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Interested in leveling up on your Cloud Foundry skills? Join IBM for Cloud Foundry Days on June 7 at Cloud Expo New York at the Javits Center in New York City. Cloud Foundry Days is a free half day educational conference and networking event. Come find out why Cloud Foundry is the industry's fastest-growing and most adopted cloud application platform.
SYS-CON Events announced today that Interoute has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Interoute is the owner operator of Europe's largest network and a global cloud services platform, which encompasses over 70,000 km of lit fiber, 15 data centers, 17 virtual data centers and 33 colocation centers, with connections to 195 additional partner data centers. Our full-service Unifie...
Most DevOps journeys involve several phases of maturity. Research shows that the inflection point where organizations begin to see maximum value is when they implement tight integration deploying their code to their infrastructure. Success at this level is the last barrier to at-will deployment. Storage, for instance, is more capable than where we read and write data. In his session at @DevOpsSummit at 20th Cloud Expo, Josh Atwell, a Developer Advocate for NetApp, will discuss the role and value...
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
IBM helps FinTechs and financial services companies build and monetize cognitive-enabled financial services apps quickly and at scale. Hosted on IBM Bluemix, IBM’s platform builds in customer insights, regulatory compliance analytics and security to help reduce development time and testing. In his session at 20th Cloud Expo, Tom Eck, Industry Platforms CTO at IBM Cloud, will discuss how these tools simplify the time-consuming tasks of selection, mapping and data integration, allowing developers ...
In order to meet the rapidly changing demands of today’s customers, companies are continually forced to redefine their business strategies in order to meet these needs, stay relevant and continue to see profitable growth. IoT deployment and development is integral in this transformation, and today businesses are increasingly seeing the value of investing their resources into IoT deployments. These technologies are able increase ROI through projects such as connecting supply chains or enabling sm...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs ofte...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that DivvyCloud will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. DivvyCloud software enables organizations to achieve their cloud computing goals by simplifying and automating security, compliance and cost optimization of public and private cloud infrastructure. Using DivvyCloud, customers can leverage programmatic Bots to identify and remediate common cloud problems in rea...
For financial firms, the cloud is going to increasingly become a crucial part of dealing with customers over the next five years and beyond, particularly with the growing use and acceptance of virtual currencies. There are new data storage paradigms on the horizon that will deliver secure solutions for storing and moving sensitive financial data around the world without touching terrestrial networks. In his session at 20th Cloud Expo, Cliff Beek, President of Cloud Constellation Corporation, w...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to ov...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
SYS-CON Events announced today that Outscale, a global pure play Infrastructure as a Service provider and strategic partner of Dassault Systèmes, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2010, Outscale simplifies infrastructure complexities and boosts the business agility of its customers. Outscale delivers a secure, reliable and industrial strength solution for its customers, which in...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...