NuLoch Resources Releases Q3 2009 Financial Results

NuLoch Resources Inc. (TSX VENTURE:NLR.A)(TSX VENTURE:NLR.B) advises that it has
filed its unaudited interim financial statements as at September 30, 2009 and
for the period then ended along with the associated Management Discussion and
Analysis at www.sedar.com.


Q3 2009 Accomplishments

- On August 14, 2009, acquired a 200 boe/d company in an all-share transaction
and posted an extraordinary gain of $2,281,000 resulting in net income of
$1,780,000 in the quarter;


- Production averaged 570 boe/d in the quarter compared to 507 boe/d in Q2 2009;

- Funds flow from operations in Q3 2009 increased 17% from Q2 2009;

- Carefully managed capital expenditures commensurate with available funds flow;

- Subsequent to Q3, significantly expanded the business with an acquisition of
petroleum and natural gas interests in North Dakota and a $26,810,000 equity
financing; and


- Current production is estimated at 769 boe/d with a 55% weighting to light and
medium oil.




HIGHLIGHTS
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                                              Periods ended September 30,
                                       -------------------------------------
                                         Three months           Nine months
                                       ---------------       ---------------
                                         2009    2008          2009    2008
                                       ------- -------       ------- -------
OPERATING
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Production - daily average
  Oil and NGL              (bbls/d)       242     234           188     198
  Natural gas              (Mcf/d)      1,968   2,164         2,060   1,952
  Combined                 (boe/d)(1)     570     594           531     523
Average sales prices
  Oil and NGL              ($/bbl)      68.23  112.51         59.94  109.89
  Natural gas              ($/mcf)       3.65    7.84          4.23    8.87
  Combined                 ($/boe)      41.60   72.77         37.61   74.61

FINANCIAL
($ thousands except per share amounts)
----------------------------------------------------------------------------
Petroleum and natural gas revenue       2,182   3,979         5,452  10,686

Funds flow from operations(2)             650   2,064         1,675   5,654
  Per share - basic                      0.02    0.06          0.04    0.16
  Per share - diluted                    0.02    0.05          0.04    0.16

Net earnings(3)                         1,780     531           646   1,639
  Per share - basic                      0.04    0.01          0.02    0.05
  Per share - diluted                    0.04    0.01          0.02    0.05

Working capital deficiency -
  end of period                        (6,324) (3,871)       (6,324) (3,871)
Line of credit available(4)             7,000   9,000         7,000   9,000

Capital expenditures using cash           339   2,040         1,318  14,541

COMMON SHARES
(thousands)
----------------------------------------------------------------------------
Class A, end of period(5)              40,430  30,780        40,430  30,780
Class B, end of period                    653     653           653     653
Options, end of period                  4,093   2,885         4,093   2,885
Basic, weighted average combined       43,009  37,305        39,468  34,276
Diluted, weighted average              43,273  37,830        40,083  34,653
----------------------------------------------------------------------------

(1) Six mcf of natural gas is considered equivalent to 1 barrel of oil. (see
    Advisories)
(2) Cash flow from operations before changes in non-cash operating working
    capital. (see Advisories)
(3) In 2009 Q3 the Company recorded a $2,281,000 gain from an extraordinary
    item
(4) Bank indebtedness repaid in full during Q4 2009
(5) Currently at 78,287,799



Subsequent Event - North Dakota Acquisition

In October 2009, the Company acquired interests in 31 producing oil wells and a
working interest of approximately 10% in over 240,000 acres of largely
contiguous lands in North Dakota. This acreage is adjacent to NuLoch's strategic
land block at Tableland Saskatchewan bringing the combined position to over
57,000 net acres. NuLoch's working interest share of production included in the
acquisition is approximately 142 barrels per day of high-quality light oil
primarily from the Three Forks Sanish and Bakken formations. The purchase price,
established effective August 1, 2009, is comprised of US$14,000,000 and
1,000,000 Class A common shares of NuLoch. The Company estimates that closing
and post-closing adjustments will total to an additional US$950,000 and include
drilling and completion operations on 3 horizontal Three Forks Sanish wells
undertaken prior to the acquisition closing date.


NuLoch is now involved in an active drilling program in North Dakota targeting
the Three Forks Sanish with 2 gross horizontal wells currently in the completion
phase and 3 gross horizontal wells drilled or planned prior to fiscal 2009 year
end. Middle Bakken locations offsetting recent discoveries are being planned.


Subsequent Event - Equity Financing

In October 2009 the Company issued, pursuant to private placements, 36,858,000
Class A common shares for gross proceeds of approximately $26,811,000. Of this
amount, 26,758,000 shares were issued at $0.70 and 10,100,000 shares were issued
on a flow-through basis at $0.80. Currently the Company has a positive cash
balance and no debt.


Outlook

North Dakota

In October 2009 the Company made a significant acquisition in North Dakota.
There are two operators on the block and the Company has a 10% working interest
in most of the undeveloped land.


Most of the acquired oil production comes from a group of Three Forks Sanish
wells drilled over the last several years in the north-west portion of the land
block but also includes one horizontal Three Forks Sanish well that was recently
brought into production from a step-out location approximately five miles to the
south. That well has a 1,530 m lateral length and nine fracture stimulation
stages. The operator reports that the average production rate for this well was
300 b/d of oil for the peak 30 day period since completion. That operator has
drilled and completed a second well in the north-west block but does not yet
have a 30-day production rate to report.  A third well on that block has now
been drilled and the Company anticipates that three more horizontal wells will
be drilled prior to year-end 2009.


In the new year, the second operator is expected to have a rig contracted for
continuous drilling on its operated block. For North Dakota, the Company is
budgeting one horizontal well per month for each operator for a total of 24
wells in 2010.


Saskatchewan - Tableland

The Company now has a 75% average working interest in 74 sections of largely
contiguous land in southeast Saskatchewan that is prospective for Bakken and
Three Forks Sanish oil. This land is directly adjacent to the recent North
Dakota acquisition. The Company has licenced a horizontal Three Forks Sanish
well and contracted a drilling rig for three wells with first spud expected in
November. A positive technical result could lead to a high-impact development
program at Tableland.


Acquisition - Wilderness Energy Corp.

Wilderness Energy Corp. was acquired by, and amalgamated with, NuLoch, on August
14, 2009 in a share exchange transaction. NuLoch issued 8,250,104 Class A common
shares valued at $0.40 per share to Wilderness shareholders and assumed
Wilderness' working capital deficiency of approximately $2.1 million. The
Wilderness contribution of 200 boe/d increased the daily production rate of the
combined entity to approximately 662 boe/d in September and increased the
proportion of oil and NGL to 45% of the total from 32%. This production has been
absorbed into NuLoch's existing operations without adding significant
administrative burden.


Wilderness operated approximately 140 boe/d from 2 (0.6 net) oil wells that
overlap with NuLoch's interest at Balsam, Alberta. This is an area that NuLoch
has plans to further develop.


Wilderness brings 24,000 acres of net undeveloped land, an extensive 2D and 3D
seismic database and tax pools in excess of $55 million. Paddock Lindstrom &
Associates Ltd., a qualified reserves evaluator, estimated that Wilderness'
gross working interest reserves before royalties, effective as at December 31,
2008, net of properties sold after that date, totalled 277,500 boe on a proved
basis and 559,000 boe on a proved and probable basis.


In November 2009, the Company re-completed a proved undeveloped Wilderness
Energy location (1.0 net) in central Alberta in the Belly River formation. The
well test indicates a strong natural gas rate and the well is planned to be
on-stream in early December at 400 to 500 Mcf/d.


Alberta - Southern - Enchant

NuLoch has 2 (2.0 net) Mississippian gas wells that were tied-in during 2008.
While NuLoch has plans to drill another 1,000 metre Mississippian gas well
nearby, the recent weakness in the price of natural gas has caused the deferral
of all of the Company's natural gas drilling.


NuLoch's 2008 oil discovery well at Enchant has been a solid performer.
Production averaged 37 boe/d in Q3 2009. The Company is planning to spud a
follow-up location in November 2009. NuLoch has a 100% working interest in this
prospect.


The Company has made significant progress in 2009 despite the economic
challenges facing the industry. The acquisitions of Wilderness Energy Corp. and
assets in North Dakota with an active drilling program along with the $26.8
million financing in October 2009 have positioned the Company for growth.


Advisories

Use of Barrels of Oil Equivalent (boe)

Disclosure provided herein in respect of boe units may be misleading,
particularly if used in isolation. A boe conversion ratio of 6 Mcf of natural
gas to 1 bbl of crude oil is based on an energy equivalency conversion method
primarily applicable at the burner tip and may not represent a value equivalency
at the wellhead.


Non-GAAP Measurement - Funds Flow

Funds flow from operations, calculated as cash flow from operating activities
before changes in non-cash working capital, is used by the Company as a key
measure of performance. Funds flow from operations does not have a standardized
meaning prescribed by Canadian GAAP and therefore may not be comparable with the
calculation of similar measures for other companies. Funds flow from operations
as presented is not intended to represent operating profits for the period, nor
should it be viewed as an alternative to cash provided by operating activities,
net earnings or other measures of financial performance calculated in accordance
with GAAP. Many of the Company's peers in the oil and natural gas industry use
the same definition and, therefore, disclosure herein enhances comparability
with those peers. Funds flow from operations per share is calculated using the
same share bases which are used in the determination of earnings per share.


Forward-Looking Statements

Certain statements in this document or incorporated herein by reference
constitute "forward-looking statements". These forward-looking statements can
generally be identified as such because of the context of the statements,
including words indicating that the Company "believes", "anticipates",
"expects", "plans" or words of a similar nature. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company, or industry
results, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following: general economic and business
conditions which will, among other things, impact demand for and market prices
of the Company's products; industry capacity; the ability of the Company to
implement its business strategy, including exploration and development
activities; the ability of the Company to complete its capital programs;
successful negotiations with bankers and other third parties; the success of
exploration and development activities; production levels; government
regulations and the expenditures required to comply with them (especially safety
and environmental laws and regulations); asset retirement obligations; and other
circumstances affecting revenues and expenses.