|By Marketwired .||
|February 20, 2013 07:47 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/21/13 -- Bucking Horse Energy Inc. (TSX:BUC) ("Bucking Horse" or the "Company") announces that at the Company's Special Meeting held on February 15, 2013, its shareholders adopted a special resolution authorizing the sale of the Company's developed well-bore interests (the "Assets") in the Pinedale field in Wyoming to FPR Pinedale LLC. The transaction was previously announced in the Company's news release dated December 13, 2012 and described in its information circular dated January 16, 2013. The Assets include 66 oil and gas wells and associated petroleum and natural gas production rights being sold for a purchase price of US$61,000,000; the Purchase and Sale Agreement has an effective date of August 1, 2012. The transaction is scheduled to close on or before February 28, 2013 and is subject to approval by the secured debt holders and the Toronto Stock Exchange, as well as customary closing conditions.
As previously disclosed, the Company's undeveloped Pinedale assets are not included in the transaction.
Shareholders holding a total of 13,119,250 common shares, or approximately 58% of the Company's issued and outstanding common stock, voted at the meeting either in person or by proxy. Of this number, 13,118,850, or approximately 99.997% of the shares present at the meeting, voted in favour of the special resolution.
About Bucking Horse Energy Inc.
Bucking Horse is an independent oil and gas exploration and production company focused exclusively on its natural gas properties in the Pinedale field, within the Green River Basin of southwestern Wyoming. The common shares of Bucking Horse are listed for trading on the Toronto Stock Exchange under the symbol "BUC."
On behalf of the Board of Directors:
Gordon Nielsen, President and CEO
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 the Company's anticipation that the transaction will close as scheduled. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the TSX not approving the transaction, regulatory decisions, or conditions to the Purchase and Sale Agreement not being met, and other factors, many of which are beyond the control of the Company.
The forward-looking statements contained in this news release represent the Company's expectations as of the date hereof, and are subject to change after such date. The Company 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.
President and CEO
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