Bucking Horse Energy : March 26, 2012 • Bucking Horse Energy Inc. Announces Filing of Statement of Reserves and Annual Information Form for the Year Ended 2011

BUCKING HORSE ENERGY

900-609 West Hastings Street

Vancouver, BC V6B 4W4

Tel: [phone]

Fax: [phone]

March 26, 2012

BUCKING HORSE ENERGY INC. ANNOUNCES FILING OF STATEMENT OF RESERVES AND ANNUAL INFORMATION FORM FOR THE YEAR ENDED 2011

Vancouver, BC, Canada - Bucking Horse Energy Inc. (the "Company" or " Bucking Horse ", TSX: BUC) is pleased to report the filing of the Company's Statement of Reserves Data and Other Oil and Gas Information effective December 31, 2011. The reserves information and data summarized below are available in greater detail in the Company's Statement of Reserves Data and Other Oil and Gas Information (National Instrument 51-101: Forms 51-101F1, 51-101F2, 51-101F3 and 51-101F4) for the year ended December 31, 2011. The Company also announces the filing of its Annual Information Form for the year ended December 31, 2011. These filings are available for review at www.sedar.com.

All listed currencies are United States dollars ("US$") unless otherwise indicated. 2011 HIGHLIGHTS

• Net Proved U.S. reserves totalled 278 billion cubic feet of natural gas equivalent ("Bcfe")
• Net Proved plus Probable U.S. reserves totalled 432 Bcfe
• Net Proved plus Probable plus Possible U.S. reserves totalled 451 Bcfe

RESERVES

Bucking Horse is an independent oil and gas exploration and production company focused exclusively on its natural gas properties situated in the prolific Pinedale field, within the Green River Basin of southwestern Wyoming. The reserves data set forth below are attributed to the Company's Wyoming assets and based upon an independent reserves assessment and evaluation by Netherland Sewell and Associates Inc. with an effective date of December 31, 2011 (the "NSA Report") in accordance with the standards set forth in Canadian Oil and Gas Evaluation Handbook and reserve definitions contained in National Instrument 51-101. This presentation summarizes the Company's natural gas and natural gas liquids reserves and net present values before income tax, of future net revenue for the Company's reserves using forecast prices and costs in the NSA Report.
The reserves for the year ended December 31, 2011 presented include Company working interests before and net after royalties using forecast price and cost assumptions. Where amounts and volumes are expressed on a gas equivalent basis, liquids volumes have been converted to cubic feet of gas at a ratio of
6,000 cubic feet of natural gas per barrel of oil ("6 Mcf/bbl"). A conversion ratio of 6 Mcf/bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent equivalency at the wellhead.
The evaluations of future net cash flows do not include provisions for interest costs or general and administrative costs but do include estimated future capital expenditures for wells to which reserves have

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been assigned. It should not be assumed that the estimates of future net revenue presented represent the fair market value of the reserves. There is no assurance that the forecast prices and cost assumptions will be attained and variances could be material. The recovery of the reserve estimates summarized herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.

Company Interest Oil and Gas Reserves - Forecast Prices and Costs

U.S. PROPERTIES Associated and Non- Associated Gas Natural Gas Liquids Natural Gas Equivalent (6 Mcf : 1 bbl) Reserves Category Gross (MMcf) Net (MMcf) Gross (Mbbl) Net (Mbbl) Gross (MMcfe) Net (MMcfe)

Proved: Developed Producing	41,082	33,979	320	262	42,999	35,549
Developed Non-Producing	1,734	1,517	11.8	10.3	1,805	1,579
Undeveloped	286,648	228,331	2,613	2,070	302,323	240,751
Total Proved	329,463	263,826	2,944	2,342	347,126	277,879
Probable	186,771	145,552	1,785	1,390	197,481	153,894
Total Proved + Probable	516,234	409,378	4,729	3,733	544,607	431,773
Possible	22,959	18,068	219	172	24,270	19,099
Total Proved + Probable + Possible	539,193	427,446	4,947	3,904	568,877	450,872

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
Forecast product prices and inflation used in the evaluation of the Company's reserves are based on price forecasts published effective December 31, 2011 by Canadian petroleum consultants AJM Deloitte with adjustments for regional price differentials.

Net Present Value of Pinedale Reserves - Forecast Prices and Costs

U.S. PROPERTIES BEFORE INCOME TAXES (US$000s) Discounted at (%/year)

Reserves Category	0%	5%	10%	15%	20%
Proved Producing	178,762	104,262	69,797	51,447	40,550
Proved Non-producing	8,620	5,758	4,335	3,529	3,021
Proved Undeveloped	1,049,187	536,083	299,284	176,469	106,893
Total Proved	1,236,568	646,104	373,415	231,444	150,464
Probable	664,068	276,332	123,488	57,553	27,073
Proved + Probable	1,900,636	922,436	496,904	288,997	177,537
Possible	83,976	34,725	15,945	7,721	3,764
Proved + Probable + Possible	1,984,612	957,161	512,848	296,718	181,301

Note: Totals may not add exactly due to rounding.

Included in the Net Present Value determination are undiscounted well abandonment costs of US$13.5 million for Proved reserves, US$23.8 million for Proved plus Probable reserves, and US$25.2 million for Proved plus Probable plus Possible reserves.

The estimates of Future Net Revenue do not necessarily reflect fair market value. About Bucking Horse Energy Inc.

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Bucking Horse Energy is a public oil and gas exploration, development and production company listed on the Toronto Stock Exchange with 22,618,113 shares issued. More information about Bucking Horse Energy Inc. can be found on its website.
For further information please contact: Gordon Nielsen at 604-331-3398 or visit the Company website at www.buckinghorseenergy.com

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Certain statements including future drilling programs, future reserves and other information included herein constitute "forward looking statements" within the meaning of applicable laws or regulatory policies. Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements described herein to be materially different from any future results or achievements expressed or implied by such forward looking statements. In particular, estimating reserves involves inherent engineering uncertainties as well as inherent uncertainties about the future fluctuations in the price of gas, which can cause estimates of economic reserves to be revised upwards or downwards. Other factors affecting forward looking statements include, among others, the inherent uncertainties associated with oil and gas exploration; legislative, environmental, judicial, regulatory, political and competitive developments in areas in which Bucking Horse operates; and technological, mechanical and operational difficulties encountered in connection with Bucking Horse's activities. You should refer to the risk disclosures set out in our Annual Information Form, Management's Discussion and Analysis and other disclosure documents filed from time to time with the TSX Exchange and other regulatory authorities.