Buffalo Resources Year-End Reserves Value Increases 53%

Buffalo Resources Corp. ("Buffalo" or the "Company") (TSX VENTURE:BFR) is
pleased to announce the results of its independent reserves evaluation as at
December 31, 2008. The evaluation was prepared by Paddock Lindstrom & Associates
Ltd. ("PLA") using forecast prices and cost assumptions, in accordance with the
reserves definitions, standards and procedures contained in the Canadian Oil and
Gas Evaluation Handbook and the results are presented in accordance with
National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities
("NI 51-101") (the "2008 PLA Report").


HIGHLIGHTS

- Proved plus probable reserves increased 43% from 15,068 Mboe at December 31,
2007 to 21,520 Mboe at December 31, 2008.


- Net present value of future net revenue before tax, discounted at 10% per
annum, attributable to proved plus probable reserves, increased 53% over 2007 to
$300 million.


- Estimated net asset value increased 40% from 2007 to $3.14 per fully diluted
share.


- Proved producing reserves increased 31% from 2007 to 9,602 Mboe.

- Total proved reserves increased 25% from 2007 to 12,894 Mboe.

- Proved plus probable reserves per basic share at December 31, 2008 increased
22% over December 31, 2007.


- Reserves life index of proved plus probable reserves increased 23% to 14.6 years.

- Finding, development and acquisition costs, including the change in future
capital expenditures, were $7.52 per boe for 2008 and $12.78 for the three years
ended 2008.


- Capital recycle ratio of 4.4 for 2008 and 2.6 for the three years ending
December 31, 2008.


OIL AND GAS RESERVES

Buffalo's oil and gas reserves as detailed in the 2008 PLA Report are compared
against 2007 as follows:




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Reserves                  December 31,          December 31,       % Change
Category                         2008                  2007 
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                 Oil     Gas     NGLs   Total         Total           Total 
              (Mbbls)  (MMcf)  (Mbbls)  (Mboe)        (Mboe)          (Mboe)
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Proved 
 Producing     1,047  45,119    1,035   9,602         7,315              31%
Proved 
 Developed Non 
 Producing        46   1,066        4     228           321            (29)%
Proved 
 Undeveloped   2,449   3,379       52   3,064         2,640              16%
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Total Proved   3,542  49,564    1,091  12,894        10,276              25%
Probable 
 Additional    5,379  18,069      236   8,626         4,792              80%
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Proved plus 
 Probable      8,921  67,633    1,327  21,520        15,068              43%
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At December 31, 2008, total proved plus probable reserves comprised 52% natural
gas, 42% oil and 6% natural gas liquids (NGLs). Using the first year of
production as estimated in the 2008 PLA Report, the Company's reserve life index
at December 31, 2008 for proved plus probable reserves is 14.6 years and for
total proved reserves is 12.0 years compared with 11.9 years and 9.4 years
respectively at December 31, 2007.



NET PRESENT VALUE OF FUTURE NET REVENUE

The net present value of future net revenues before tax, undiscounted and
discounted at 10% per annum, as detailed in the 2008 PLA Report, are compared
against 2007 as follows:




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Reserves Category      December 31, 2008     December 31, 2007     % Change
----------------------------------------------------------------------------
                            0%        10%         0%        10%    0%    10%
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Proved Producing    $ 326,259  $ 127,826  $ 203,298  $ 100,194    61%    28%
Proved Developed 
 Non Producing          6,096      3,669      9,692      6,393  (37)%  (43)%
Proved Undeveloped     84,399     45,976     52,443     27,526    61%    67%
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Total Proved          416,754    177,471    265,433    134,113    57%    32%
Probable Additional   267,305    122,877    130,779     62,408   104%    97%
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Proved plus 
 Probable           $ 684,059  $ 300,348  $ 396,212  $ 196,521    73%    53%
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In preparing the 2008 PLA Report, PLA used their Forecast Prices and Cost
Assumptions effective December 31, 2008. The price forecast for the first three
years compared against 2007 is as follows:




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                         December 31, 2008                December 31, 2007
----------------------------------------------------------------------------
                                    AECO-C                           AECO-C
                       Hardisty 12     Gas              Hardisty 12     Gas
             WTI Oil   degrees Oil     Cdn    WTI Oil   degrees Oil     Cdn
            US $/Bbl     Cdn $/Bbl $/Mmbtu   US $/Bbl     Cdn $/Bbl $/Mmbtu
----------------------------------------------------------------------------
2009      $    60.00   $     42.18 $  7.24 $    88.00   $     55.73 $  7.28
2010           67.50         48.21    7.90      84.00         54.70    7.43
2011           75.00         55.53    8.26      82.00         52.27    7.58
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----------------------------------------------------------------------------

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                                                                   % Change
                                                                     AECO-C
                                                      Hardisty 12       Gas
                                            WTI Oil   degrees Oil       Cdn
                                           US $/Bbl     Cdn $/Bbl   $/Mmbtu
----------------------------------------------------------------------------
2009                                          (32)%         (24)%      (1)%
2010                                          (20)%         (12)%       6%
2011                                           (9)%           6%        9%
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FINDING, DEVELOPMENT AND ACQUISITION COST

Buffalo added 7,646 Mboe of proved plus probable reserves in 2008 (adjusted for
production). Buffalo is a full cycle E&P company and its finding, development
and acquisition ("FD&A") costs are best examined over a multi-year period to
allow time for projects to mature. FD&A costs are presented per boe of reserves
additions for the 2008 year and for the three years ended December 31, 2008.
FD&A cost is determined using net capital expenditures during the period,
including the cost of properties acquired and the proceeds of dispositions, plus
the change in future capital expenditures (as per the PLA Report) divided by the
increase in reserves. Both the net capital expenditures and the change in
required future capital expenditures include an estimate for the cost of future
abandonment and site restoration.




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Proved plus Probable Reserves             2008            Three years ended
                                                          December 31, 2008
----------------------------------------------------------------------------

Net reserves additions (Mboe)            7,646                       16,584

Capital expenditures, net        $      29,738               $      170,374
Change in future capital 
 expenditures                           27,778                       41,515
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                                 $      57,516               $      211,889

FD&A Cost ($/boe)                $        7.52               $        12.78
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----------------------------------------------------------------------------



The Company's average operating netback for 2008 was approximately $32.78 per
boe resulting in a capital recycle ratio of 4.4 for 2008 and 2.6 for the three
years ended December 31, 2008. The recycle ratio is determined as the average
operating netback per boe of production divided by the FD&A cost.


NET ASSET VALUE PER SHARE

Buffalo has estimated its before tax net asset value per fully diluted share at
December 31, 2008 using the before tax values for total proved reserves and for
proved plus probable reserves, discounted at 10% per annum, as specified in the
PLA Report, as well as the balance sheet values of undeveloped land, seismic
data, working capital deficit (including bank debt) and the value of asset
retirement obligations in excess of amounts recorded in the PLA Report.




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Reserves Category               Total Proved           Proved plus Probable 
----------------------------------------------------------------------------

Net present value of reserves 
 (NPV at 10%)                 $      177,471                 $      300,348
Book value of undeveloped 
 land & seismic                       28,619                         28,619
Net working capital deficit          (51,843)                       (51,843)
Additional asset retirement 
 obligations                          (7,073)                        (7,073)
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                                     147,174                        270,051
Proceeds from dilutive instruments    23,724                         23,724
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                                     170,898                        293,775
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Common shares outstanding (000s)      76,702                         76,702
Fully diluted shares outstanding 
 (000s)                               93,649                         93,649

Net asset value per share 
 - basic                      $         1.92                 $         3.52
Net asset value per share 
 - fully diluted              $         1.82                 $         3.14
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Bill Trickett, the President and CEO of Buffalo commented, "We are pleased, in
today's difficult environment, to have once again delivered strong results for
our shareholders. It speaks to the high quality of Buffalo's underlying assets
and the ability of our management team to consistently deliver value."


Additional reserves disclosure as required under NI 51-101, will be contained in
Buffalo's Annual Information Form, which is expected to be filed on SEDAR on or
about April 17, 2009.


Reader Advisory

Certain statements contained in this press release constitute forward looking
statements or forward-looking information under applicable securities
legislation. Such forward-looking statements or information are provided for the
purpose of providing information about management's current expectations and
plans relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes, such as making investment
decisions. Forward-looking statements or information typically contain
statements with words such as "anticipate", "believe", "expect", "plan",
"intend", "estimate", "propose", "project", "seek", "continue", "forecast",
"may", "will", "potential", "could", "should" or similar words suggesting future
outcomes or statements regarding an outlook. All forward looking statements are
based on the Company's beliefs and assumptions based on information available at
the time the assumption was made. Forward-looking statements or information are
based on a number of factors and assumptions that have been used to develop such
statements and information but which may prove to be incorrect. Although the
Company believes that the expectations reflected in such forward-looking
statements or information are reasonable, undue reliance should not be placed on
forward-looking statements because the Company can give no assurance that such
expectations will prove to be correct. In addition, forward-looking statements
or information are based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause actual results to
differ materially from those anticipated by the Company and described in the
forward-looking statements or information. These risks and uncertainties may
cause actual results to differ materially from the forward-looking statements or
information.


In particular, in connection with such forward-looking statements and
information, the Company has made assumptions regarding, and there are risks and
uncertainties relating to, among other things: the ability of management to
execute its business plan; general economic and business conditions; the nature
of the oil and natural gas industry, including exploring for, developing and
producing crude oil and natural gas; competition; market demand; government
policies or laws and approvals; reserves estimates and reserves life; the
ability of the Company to add production and reserves; timing and amount of
exploration or development projects and capital expenditures; estimates and
projections relating to production (including decline rates), costs and
expenses; fluctuations in oil and natural gas prices, currency, exchange and
interest rates; marketing operations; credit exposure; royalty payments; health,
safety and environmental matters; legal and regulatory proceedings; and the
availability and cost of financing. Additional assumptions upon which such
forward-looking statements are based and risk factors affecting the Company and
its business are contained in the Company's annual information form and
management's discussion and analysis filed on SEDAR at www.sedar.com. Readers
are cautioned that the foregoing list is not exhaustive of all possible risks
and uncertainties facing the Company or of the assumptions and other factors
that may have been considered by the Company in connection with such
forward-looking statements.


The forward-looking statements contained in this press release are made as of
the date hereof and Buffalo undertakes no obligation to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.


The evaluations of future net revenue are stated prior to any provisions for
general and administrative costs or interest costs and after the deduction of
estimated future capital expenditures for wells to which reserves have been
assigned. It should not be assumed that the estimates of future net revenues
presented in the tables above 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 amounts and recovery of oil,
natural gas and NGLs reserves provided herein are estimates only and there is no
guarantee that the estimated reserves will be recovered. Actual oil, natural gas
and NGL reserves may be greater than or less than the estimates provided.


Certain financial and operating information included in this press release such
as finding, development and acquisition costs, recycle ratios, operating
netbacks and net asset value are based on management's estimates of financial
results for the year ended December 31, 2008 which are unaudited and are subject
to the same limitations as discussed above in this Reader Advisory. These
estimated amounts may change upon completion of the audited financial statements
for the year ended December 31, 2008 and the changes could be material.


In this news release reserves and production data is commonly stated in barrels
of oil equivalent (Boe's) using a conversion ratio of 6 Mcf of gas = 1 Bbl of
oil based upon an energy equivalency conversion method primarily applicable at
the burner tip and does not represent a value equivalency at the wellhead. Such
conversion may be misleading, particularly if used in isolation.