Buffalo Resources Completes $30 Million Drilling Joint Venture and Provides Update

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES.

Buffalo Resources Corp. ("Buffalo" or the "Company") (TSX VENTURE:BFR) is
pleased to provide an update on its activities.


Drilling Joint Venture

Buffalo has entered into a Joint Venture ("JV") with Kadence Limited Partnership
("Kadence") of Vancouver, British Columbia. This JV will allow Buffalo to
exploit its large inventory of drilling opportunities more efficiently and to
expand the level of activity previously forecast. Buffalo and Kadence will
commit up to $30 million for the purposes of completing a drilling program on
certain Buffalo properties over the next 12 months. Kadence will farmin and pay
50%, to a maximum of $15 million, of all drilling, completion and equipping
costs to earn 50% of Buffalo's working interest in the wells, subject to the
payment of a 10% gross overriding royalty to Buffalo. After payout, Buffalo will
retain 70% and Kadence 30% of the working interest in all wells. Under the terms
of the JV, Buffalo will make an offer to Kadence not later than April 4, 2011,
to purchase its interests in the JV properties.


Buffalo is currently finalizing its drilling programs for the remainder of 2008
and plans to drill between 60 and 70 wells. At Frog Lake, the Company will drill
between 45 and 50 oil wells. The remaining 15 to 20 wells will be drilled in the
Peace River Arch of northwest Alberta, at Whitecourt in west central Alberta, at
Viking and Jenner in southeast Alberta and in southeast Saskatchewan.


Operations

Buffalo has completed, stimulated and tied-in its deep Mississippian horizontal
well at Pincher Creek 13-28-004-29W4. The well initially produced natural gas at
a rate of approximately 2 MMcf/d and has stabilized at a rate of 1 MMcf/d. In
August, the Company plans to re-stimulate the well to improve productivity. In
the Peace River Arch, a well drilled on Company owned land has been completed
and tied-in and is currently producing natural gas from the Montney formation at
a rate of 3 MMcf/d with 25 bbls per MMcf of associated liquids. The Company is
currently evaluating follow up locations. Buffalo recently drilled ten wells at
Frog Lake, Alberta resulting in nine oil wells and one abandoned location. It is
expected that the oil wells will be on production by early August 2008.


Bill Trickett, the Company's CEO, commented, "Following the equity financing in
May 2008, the sale of non-core assets in June 2008 and completion of the
drilling JV, Buffalo is well positioned to aggressively pursue its large
inventory of drilling opportunities."


Buffalo is a Canadian oil and gas company engaged in the exploration,
development and production of oil and gas reserves in the provinces of Alberta
and Saskatchewan.


The securities being offered have not and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within the United
States or to any U.S. person except in certain transactions exempt from the
registration requirements of the U.S. Securities Act and applicable state
securities laws.


Certain information set forth in this press release contains forward looking
statements. Readers are cautioned that the assumptions used in the preparation
of such information, although considered reasonable at the time of preparation,
may prove to be imprecise and, as such, reliance should not be placed on
forward-looking statements. Buffalo's actual results, performance or
achievements could differ materially from those expressed in, or implied by,
these forward-looking statements and accordingly, no assurance can be given that
any of the events anticipated by the forward-looking statements will transpire
or occur, or if any of them do so, what benefits Buffalo will derive therefrom.
Buffalo disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.