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6/12/2008
Unbridled Energy Provides Update on Appalachian Basin, USA Operations
Chautauqua Lake Properties, Chautauqua County, New York

Unbridled, the Operator and its Joint Venture Partners, have successfully drilled a total of six new wells in Ellery Township, New York, into the Medina tight gas sand formations. Four of these wells have now been successfully hydraulically fracture stimulated, of which the first well is producing into line at restricted rates of greater than 100 Mscf/d with good pressure. The other three wells are expected to be tied in a matter of days, with further production testing in line. The two remaining wells are scheduled to be hydraulically fracture stimulated within two weeks. Additional wells are being permitted for drilling in Ellery and Villenova Townships during Q3.

The Company's 2008 budget calls for the drilling of a total of 20 wells in these Townships. In addition, there are numerous existing wells that can be recompleted within certain segments of the Medina formation. Plans are underway to recomplete four wells by end of Q3. Leasing operations are currently underway to expand the Company's 13,280 acre land position. Approximately 1,000 additional acres have been leased to date.

One of the new wells drilled recently involves a project with Schlumberger Data & Consulting Services (DCS: 14.39, +0.10, +0.69%), sponsored by the New York State Energy Research and Development Authority (NYSERDA), to acquire new micro-seismic data to image the created hydraulic fracture. The project was completed, as scheduled, in May and successfully collected new reservoir and hydraulic fracture information in the Grimsby, Whirlpool, and Devonian shales in Chautauqua County. This new data will be used to optimize future hydraulic fracture treatments in view of enhancing production. Until now, the formations, in this region of New York, have not been characterized significantly. The project included collecting advanced logs, sidewall core, and micro-seismic data. Based on the project results, the Company plans to test the Marcellus and Geneseo shales in its Ellery and Villenova Township properties.

Further, the Company has agreed on terms to purchase an interest in 22 additional wells, 980 acres, and deep rights on approximately 14,000 acres which includes the Company's existing acreage where it holds all shallow rights. Additional information will be provided after closing.
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