Unbridled Energy Corporation today announced its financial results for the year ended December 31, 2008. Revenue for the year increased an astounding 1,500% to $793,555 when compared to the eight month period ending December 31, 2007. Total expenses for 2008 totaled $4,819,597, which was an approximate 10% decrease when compared to the eight month period ending December 31, 2007.
During the year, Unbridled Energy Corporation drilled and completed 6 new wells on its Chautauqua Lake acreage in western New York; completed the sale of its 50% interest in a joint venture relating to petroleum and natural gas rights on the Tsuu T’ina First Nation Reserve; spudded a deep stratigraphic test well on its Chautauqua Lake property; and successfully conducted a large acid stimulation in the Elkton formation in its previously drilled 16-21 well in the Chambers play.
Joseph Frantz Jr., President and CEO of Unbridled Energy commented; “The Company made significant progress in 2008 and the first few months of 2009. Despite tumultuous times, we have remained focused on our business and growth strategy. The new wells on our Chautauqua Lake acreage have significantly increased our revenue stream and allowed us to pursue several projects that are important to Unbridled Energy.”
Mr. Frantz continued; “We previously announced four projects that Unbridled intends to complete in the first half of 2009; one of which was to conduct the acid stimulation in the Elkton formation on the 16-21 well in Canada, the results of which certainly met our expectations. Another project is the basement test on Chautauqua Lake acreage. This well is currently being drilled and we anticipate results within the next couple of weeks. Additionally, we intend to test two shale formations; the 2nd White Specs in Alberta and the Rhinestreet in New York. We expect to commence operations on have these projects sometime during the third quarter. These shale plays have the potential to add significant new reserves to the Company.”