NuLoch Resources Reports Q3 2010 Results

   NuLoch Resources Inc. (TSX VENTURE: NLR)(OTCQX: NULCF) advises that it has filed its unaudited interim consolidated financial statements as at September 30, 2010 and for the quarter then ended along with the associated Management Discussion and Analysis at www.sedar.com and on the Company's website at www.nuloch.ca.

Q3 Accomplishments

Success in Key Wells

--  Drilled the Company's first Middle Bakken well in Burke County, ND and
    re-affirmed the Three Forks Sanish formation at Tableland, SK.


Drilling and Completions

--  Rig released 8 (1.6 net) and completed 4 (1.0 net) Williston Basin
    horizontal oil wells in the quarter;
--  Drilling 7 (1.6 net) horizontal wells at September 30, 2010; and
--  Invested $9.8 million in the Q3 capital program and $37.8 million for
    the year-to-date period.


Production increase

--  Average oil and NGL production increased to 882 boe/d in Q3 2010 from
    570 boe/d in Q3 2009;
--  Oil and NGL weighting increased to 72% in Q3 2010 from 42% in Q3 2009.

Poor weather conditions encountered in the spring of 2010 persisted throughout the summer over our extensive cross-border acreage position in North Dakota and Saskatchewan. Well completion operations were delayed and, compared to Q2 2010, the Q3 2010 average oil and NGL production fell by 12 bbl/d to 637 bbl/d. Fair weather has returned and six (1.3 net) wells have been completed since the end of Q3. Current production is 1,100 boe/d and seventy nine percent is light oil and NGL's. There are eleven recently rig-released or completed wells (3.3 net) that have not yet contributed to this production rate.

HIGHLIGHTS
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                                          Periods ended September 30,
                                    ----------------------------------------
                                           Three months         Nine months
                                    ----------------------------------------
                                         2010      2009      2010      2009
                                    ----------------------------------------
OPERATING
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Production - daily average
 Oil and NGL              (bbls/d)        637       242       593       188
 Natural gas              (Mcf/d)       1,470     1,968     1,723     2,060
 Combined                 (boe/d)(1)      882       570       881       531
Average sales prices
 Oil and NGL              ($/bbl)       72.58     68.23     74.26     59.94
 Natural gas              ($/Mcf)        3.55      3.65      4.20      4.23
 Combined                 ($/boe)       58.33     41.60     58.28     37.61

FINANCIAL
($ thousands except per share
 amounts)
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Petroleum and natural gas
 revenue                                4,735     2,182    14,026     5,452

Funds flow from
 operations(2)                          1,496       650     5,005     1,675
 Per share - basic                       0.01      0.02      0.05      0.04
 Per share - diluted                     0.01      0.02      0.05      0.04

Net earnings (loss)                      (901)    1,780    (1,903)      646
 Per share - basic                      (0.01)     0.04     (0.02)     0.02
 Per share - diluted                    (0.01)     0.04     (0.02)     0.02

Working capital deficiency             (9,930)   (6,324)   (9,930)   (6,324)
Credit limit of banking
 facility                              14,000     7,000    14,000     7,000

Capital expenditures                    9,821       339    37,806     1,318

COMMON SHARES
(thousands)
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Class A, end of period(3)              96,126    40,430    96,126    40,430
Class B, end of period(3)                 653       653       653       653
Options, end of period                  8,821     4,093     8,821     4,093
Basic, weighted average combined      101,244    43,009    96,947    39,468
Diluted, weighted average             101,244    43,273    96,947    40,083
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(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) As at the date hereof, the Class B common shares have been converted to
    Class A common shares and 122,332,907 Class A common shares are issued
    and outstanding.

Recent Well Results

NuLoch disclosed information in respect of the following two recent wells in a press release dated November 15, 2010.

The Gustafson 29-32-161-92 is NuLoch's first well in Burke County, North Dakota. It has been placed on-stream from the Middle Bakken formation with an initial fourteen day average production rate (IP14) of 528 bopd plus 350 Mcf/d of natural gas (586 boe/d). Its peak 24 hour period was 642 bopd plus 312 Mcf/d of natural gas (694 boe/d). The well (0.2 net) was drilled on a 1,280 acre production spacing unit (PSU) and fracture stimulated in 30 stages.

The Company believes that this well validates the property acquisition made in Burke County in January 2010 where NuLoch bought 37,000 gross acres (8,500 net) with working interests of up to 30% and an overall average of 23%.

At Tableland, Saskatchewan, NuLoch's most recent well (0.7 net) located at 91/04-10-001-10W2, has been placed on production. It averaged 207 bopd over a seven day IP period. This well is notable because the horizontal lateral was limited to 600 metres due to mechanical issues. However, as planned, it was completed using twice the fluid and proppant in each of its 14 stages compared to NuLoch's other recent Tableland completions. The Company has drilled three (2.5 net) more wells at Tableland that are awaiting multi-stage fracture completions and plans to continue with the higher-effort stimulation program.

Update - Tableland, Saskatchewan

Wet surface conditions caused by spring and summer rains slowed the pace of activity in Tableland. The 91/08-04-001-09W2 was not fracture stimulated until late July which was two months after the drilling rig was released. During Q3 2010 the 91/04-10-001-10W2 oil well was drilled but completion did not commence until October.

Fortunately fair weather conditions returned to Tableland and three (2.5 net) wells were drilled in September and October that are standing cased. One of the wells, located at 91/16-02-001-10W2, is the Company's first down-spaced location and has been drilled parallel to 91/05-02-001-10W2 - a well that had a 205 bopd IP30. A positive result at 91/16-02 will validate our belief that the Three Forks Sanish can be developed with a density of two to three wells per section. The supply of hydraulic fracturing services is tight but the Company believes these three wells will be completed prior to year-end.

Assuming success, NuLoch plans to drill continuously at Tableland where each well takes approximately three weeks from spud to rig release. Two wells (1.7 net) are planned for spud prior to year-end with 15 wells (working interests ranging from 50% to 100%) forecast for 2011.

Recent Saskatchewan Completions - Gross Well Production and Rates (bopd)
(1)(2)
                   Zone                        IP30 IP60 Current Cumulative
Well Name            (3) DSU WI%       IP Date bopd bopd    bopd bbls oil(4)
----------------------------------------------------------------------------
91/05-02-001-10W2   TFS  640 100%      2009-12  205  147      26     17,693
91/12-12-001-10W2   TFS  640  70%      2010-04  186  148      30     14,492
91/16-06-001-09W2   TFS  640  70%      2010-05   72   67      26      6,757
91/01-22-001-10W2   TFS  640  70%      2010-05  204  166      60     14,431
91/08-24-001-10W2   TFS  640  70%      2010-05   44   31       -      2,113
91/11-02-001-09W2    MB  640  70%      2010-06   25   22       -      1,238
91/08-04-001-09W2   TFS  640  70%      2010-08   69    -      60      1,078
91/04-10-001-10W2   TFS  640  70%      2010-10    -    -     125      1,107
91/01-04-002-10W2   TFS  640  50% Rig Released
91/16-02-001-10W2   TFS  320 100% Rig Released
91/01-06-001-10W2   TFS  640 100% Rig Released

(1) See Advisories - Initial Production (IP) Rates
(2) All rates are barrels of oil per day and do not include solution natural
    gas
(3) TFS is the Three Forks Sanish formation and MB is the Middle Bakken
    formation
(4) Cumulative to October 31, 2010

Update - Divide County, North Dakota

While our work in the Middle Bakken in Burke County has just begun with the Gustafson well, Divide County has been very active. As many as six rigs (currently five) have been drilling simultaneously on NuLoch lands. Since first acquiring its position in 2009, NuLoch has participated in 34 (3.2 net) wells that are drilled or drilling. Of these wells, 30 target the Three Forks Sanish and 4 are Middle Bakken. Another 5 wells will likely spud prior to year-end. Most of the recent wells are on 1,280 acre PSU's that typically deliver higher IP's and are an efficient means to continue mineral rights.

Poor weather conditions over our core Williston Basin properties did not affect drilling plans in Divide County but did limit the ability to get wells completed and put on-stream. Eleven (1.1 net) wells were standing cased at the end of October. Fortunately, the backlog is now easing and 3 wells were fracture stimulated in early November.

NuLoch does not directly control the pace of drilling on its non-operated North Dakota properties but is planning for a continuation at existing levels. We currently see five rigs running simultaneously and each well takes from 25 to 35 days to drill. Currently, we are planning for 50 (5.0 net) horizontal Middle Bakken / Three Forks Sanish wells in 2011.

Recent NuLoch North Dakota Completions - Gross Well Production and Rates
(bopd)(1)(2)

                      Zone                     IP30 IP60 Current Cumulative
Well Name               (3) DSU  WI%   IP Date bopd bopd    bopd bbls oil(4)
----------------------------------------------------------------------------
Goldal 16-10-161-98    TFS  640 10.0%  2009-08  334  282      63     48,045
Moe 9-162-98           TFS  640 10.0%  2009-09  188  152      44     26,329
Vassen 27-163-99       TFS  640 10.0%  2009-11  453  396     171     64,192
Fuhrman 36-162-99      TFS  640 10.0%  2009-12  106  108      36     15,124
Torgeson 3-30 -163-99  TFS 1280  0.6%  2010-01  312  304     185     63,807
Torgeson 14-19-163-99  TFS 1280  1.2%  2010-01  394  459     211     64,171
Sparks 8-162-98-2      TFS  640 10.0%  2010-02  447  348     116     31,044
Jacobsen 15-161-98     TFS  640 10.0%  2010-04  168  148      78     19,005
Ness 29-32-163-98      TFS 1280 10.0%  2010-05  413  399     270     45,741
Enerson 4-29-163-99    TFS 1280  4.5%  2010-05  175  177     148     26,885
Meyers 2-162-99        TFS  640 10.0%  2010-04  306  247     110     24,114
Radenic 14-20-163-99   TFS 1280  0.6%  2010-06  416  478     183     46,560
Hansen 13-162-99       TFS  640 10.0%  2010-06  228  167     144     16,626
Hall 3-161-98          TFS  640 10.0%  2010-06  246  261     135     22,350
Antonson 1-12-163-95    MB 1280 10.0%  2010-08  120    -     120      7,504
Sorenson 14-162-99     TFS  640 10.0%  2010-08  144    -     116      4,898
Lindsey 4-161-98       TFS  640 10.0%  2010-09   92    -      98      4,890
Grundstad 5-162-99H    TFS  640 10.0%  2010-10    -    -     185        964
Gustafson 29-32-161-99  MB 1280 18.8%  2010-10    -    -     480          -
Larson 3-162-99H       TFS  640 10.0%  2010-11    -    -     354          -
Hansen 17-20-163-98    TFS 1280 10.0% Flowing Back
Hauganoe 15-162-99H    TFS  640 10.0% Flowing Back
Haugland 4-162-99      TFS  640 10.0% Rig Released
Aarestad 4-34-160-97    MB 1280  1.0% Rig Released
Impala 23-14-163-98    TFS 1280 16.0% Rig Released
Almos 1-12-162-99      TFS 1280 10.0% Rig Released
Hansen 18-19-162-99    TFS 1280 10.0% Rig Released
Eagle 22-15-163-95      MB 1280 21.6% Rig Released
Aarestad 4-27-160-97    MB 1280  2.7% Rig Released
Haugland 9-162-99      TFS  640 10.0% Rig Released
Nova 4-9-163-98H       TFS 1280 10.0% Drilling
Malibu 26-35-163-98H   TFS 1280 16.0% Drilling
Woodpeckr 27-34-163-95 TFS 1280 16.0% Drilling
Hansen 6-7-162-99      TFS 1280 10.0% Drilling
Larson 8-162-99H       TFS  640  7.0% Drilling

(1) See Advisories - Initial Production (IP) Rates
(2) All rates are barrels of oil per day and do not include solution natural
    gas
(3) TFS is the Three Forks Sanish formation
(4) Cumulative to October 31, 2010

2010 Guidance

Capital expenditures totalled $37.8 million in the first nine months of 2010. Assuming well completion services are available, planned expenditures in Q4 2010 are $14.8 million in Canada and $11.8 million in North Dakota.

NuLoch is focusing its capital activity in the Williston Basin and, therefore, its non-Williston production is expected to decline from 500 boe/d to 450 boe/d by year end. The Company has accumulated more than a year of operational history since commencing its program in the Williston Basin. Current production is 250 boe/d in Saskatchewan and 300 boe/d in North Dakota. Drilling and completion plans are expected to increase those rates to 550 boe/d and 650 boe/d, respectively, and by the end of 2010, NuLoch targets a corporate exit rate of 1,650 boe/d with 85% derived from light and medium crude oil. Although there is little risk that our drilling plans will be impacted, achieving these targets is highly dependent upon the pace of completion activity and repeatability of results to date.

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.

Initial Production (IP) Rates

Initial production rates of oil and natural gas from a well, calculated as averages such as for 30 days (IP30) and 60 days (IP60), can provide indications of future well performance and is an important diagnostic tool when making business and capital allocation decisions. However, such IP's are only limited predictors of ultimate recoveries of hydrocarbons and early stage or longer term decline rates from a well.

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.

Common Shares Outstanding

Class A : 122,332,907

Contacts: NuLoch Resources Inc. R. Glenn Dawson President and CEO [phone] [phone] (FAX) [e-mail] NuLoch Resources Inc. 2200, 444 - 5th Avenue SW