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Bronco Signs Letter of Intent With Indian Oil and Gas Canada to Issue Leases

by NationTalk on January 24, 2007743 Views

CALGARY, ALBERTA–(Jan. 23, 2007) – As an update to its press release of January 21, 2007, Bronco Energy Ltd. (TSX VENTURE:BCF) (“Bronco”) announces that it has executed a letter of intent with Indian Oil and Gas Canada (“IOGC”) providing for the issuance to Bronco of leases on Bigstone Cree Nation Reserves 166A and 166D at Wabasca, Alberta. The leases are currently being prepared by IOGC and should be completed in approximately 2 weeks. The new leases will cover 8,844 hectares (34.5 sections) rather than the 6,500 hectares (25.4 sections) previously announced on November 21, 2006. It has also been agreed that Bronco will pay a flat rate of 8.5% on its share of production on the new IOGC leases as well as on existing IOGC Oil Sands Lease 6117. The Joint Venture Agreement entered into between Bronco and the Bigstone Cree Nation is expected to be amended to provide for the new royalty rate of 8.5%. IOGC also informed Bronco that it may apply for royalty relief if the SAGD test drilling and subsequent pilot testing economics support a reduction. IOGC has advised Bronco that all of its concerns have now been satisfied.Bronco Energy Ltd. trades on the TSX Venture Exchange under the symbol “BCF”.

This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under Bronco’s control which may cause actual results, performance or achievements of Bronco to be materially different from the results, performance or expectations implied by these forward-looking statements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The securities offered have not and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

CONTACT INFORMATION

Bronco Energy Ltd.
Brian Alford
President and Chief Executive Officer
(403) 699-8383
(403) 693-0038 (FAX)

or

Bronco Energy Ltd.
David Johnson
Chief Financial Officer
(403) 699-8383
(403) 693-0038 (FAX)

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