ABN 98 117 085 748

31 October 2014 AIM/ASX Code: WHE

WILDHORSE ENERGY LIMITED SEPTEMBER 2014 QUARTERLY REPORT

The Board of Wildhorse Energy Limited ('the Company') presents its September 2014 quarterly report, where the focus continued on restructuring the Company, its Board and ongoing operations with a view to substantially reducing costs and placing the Company in an improved position to progress its remaining project and to pursue new opportunities.
Highlights during, and subsequent to, the quarter were as follows:

• Operational - the Company has decided to focus on its Golden Eagle Uranium project in the US and will cease all operational and administration functions in Hungary, thereby eliminating all ongoing cash outflows associated with the Hungarian operations. The Company will also continue to pursue new opportunities.

• Board Changes - effective 29 August 2014 Mr Ian Middlemas, (previously a Non-Executive Director) was appointed as Chairman of the Company while outgoing Chairman, Mr Mark Hohnen, has remained on the Board as a Non-Executive Director. Further, as part of the restructure of the Company and the Board, Mr Matthew Swinney has resigned as Managing Director and Messrs James Strauss, Brett Mitchell and Konrad Wetzker have all resigned as Non- Executive Directors of the Company. Mr Mark Pearce joined the Board as a Non-Executive Director.

• Share Consolidation - the Company is seeking shareholder approval at the upcoming Annual General Meeting on Tuesday 25 November, for a 1 for 30 consolidation of shares, thereby reducing the number of shares on issue to approximately 13.6 million. The number of options on issue will also be consolidated on a 1 for 30 basis, with the exercise price of the options increasing in inverse proportion to the consolidation ratio ("Consolidation").

• Entitlement Issue - following completion of the Consolidation, the Company will undertake a 5 for 1 pro rata renounceable entitlements issue to raise up to approximately $3.8 million before costs.

The Board is confident that following the recent cost cutting measures and ongoing company restructure, which had already significantly reduced the Company's operating and administrative expenses, the funds raised from the Entitlements Issue will enable the Company to progress the Company's current projects and pursue new opportunities in the resource and other sectors.

W i l d h o r s e E n e r g y L i m i t e d

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T e l : + 6 1 8 9 3 22 6 3 2 2 F a x : + 6 1 8 9 3 22 6 5 5 8 w w w . w i l d h o r s e . c o m . a u

OPERATIONS

Golden Eagle Uranium and Vanadium Project

The Golden Eagle Uranium and Vanadium Project holds nine U.S. Department of Energy (DOE) Uuranium/Vanadium Mining Leases, covering 22.7 km2 located in the Uravan Mineral Belt, Colorado USA.
Technical reports for a number of the lease have been drafted based on historic data, however, exploration drilling and core analysis need to be completed in order to finalise these reports. The leases will expire eight years after the courts complete their review of the ROD published this past spring in the Federal Register and the DOE allows the lease holders to resume activates on their leases.
It should be noted that the lease can be held beyond their expiration through continued renewals and the continuation of lease maintenance, including exploration work and future production. Historically these DOE leases have been renewed for 10 year periods after the expiration date; existing leases issued to past Lessee's have been renewed dating back to 1974.
Wildhorse also possess an option on Gold Eagle Mining Inc (GEMI) leases; GEMI has three DOE properties of which two have active operating permits.

Mecsek Hills Uranium Project

The Board has resolved not to proceed with the potential Joint Venture between the Company, Mecsekérc, and Hungarian Electricity Ltd for this project due to the lack of tangible progress and high operational costs to date. The Company is looking to immediately divest of the project without incurring any further costs.

Mecsek Hills UCG Project

No recent development activities have been undertaken on this project and a number of unsuccessful attempts have been made to divest all or part of the Company's interest in this project. The Board has now resolved to formally cease all activities immediately which will result in the associated mineral interests terminating.

CORPORATE

Share Consolidation

As notified in the Notice of Annual General Meeting to be held on Tuesday 25 November 2014, the Company is seeking shareholder approval for a 1 for 30 consolidation of shares, thereby reducing the number of shares on issue to approximately 13.6 million. The number of options on issue will also be consolidated on a 1 for 30 basis, with the exercise price of the options increasing in inverse proportion to the consolidation ratio ("Consolidation").

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Entitlements Issue

Following completion of the Consolidation, the Company will undertake a 5 for 1 pro rata renounceable entitlements issue to raise up to approximately $3.8 million before costs. Eligible shareholders will be entitled to acquire five (5) new ordinary shares ("New Shares") for every ordinary share held at the record date (to be determined). New Shares under the Entitlements Issue will be offered at A$0.05 per share (on a post Consolidation basis). The rights under the Entitlements Issue are renounceable meaning eligible shareholders will be able to buy and sell their rights on the ASX. The Company is not seeking admission of the rights to trading on AIM.
The Entitlements Issue will raise approximately AU$3.8 million which will be used to enable the Company to pursue new opportunities in the resource and other sectors and to progress the Company's current projects.
Further information on the Entitlement issues and the prospectus will be released shortly.

Summary of Exploration and Mining Tenements

As at 30 September 2014, the Company holds the following interests in the listed tenements:

USA - Colorado C-SR-10 C-SR-10 80% USA - Colorado C-JD-5A C-JD-5A 80% USA - Colorado C-SR-11A C-SR-11A 80% USA - Colorado C-SR-15A C-SR-15A 80% USA - Colorado C-SR-16 C-SR-16 80% USA - Colorado C-WM-17 C-WM-17 80% USA - Colorado C-LP-22A C-LP-22A 80% USA - Colorado C-LP-23 C-LP-23 80%

* Refer to the Company's Announcement on 28 October 2014 regarding an update on the Company's restructure.

For further information please visit www.wildhorse.com.au or contact:
00

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Appendix 5B

Rule 5.5

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/2013

Name of entity

WILDHORSE ENERGY LIMITED

ABN Quarter ended ("current quarter")

98 117 085 748 30 SEPTEMBER 2014

Consolidated statement of cash flows

Cash flows related to operating activities

1.1 Receipts from product sales and related debtors

1.2 Payments for (a) exploration & evaluation

(b) development

(c) production

(d) administration

1.3 Dividends received

1.4 Interest and other items of a similar nature

received

1.5 Interest and other costs of finance paid

1.6 Income taxes paid

1.7 Other (provide details if material)

Net Operating Cash Flows

+ See chapter 19 for defined terms.

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Payments to directors of the entity, associates of the directors, related entities of the entity and associates of the related entities

Current quarter

$A'000

1.23 Aggregate amount of payments to the parties included in item 1.2 -

1.24 Aggregate amount of loans to the parties included in item 1.10 -

1.25 Explanation necessary for an understanding of the transactions

Not Applicable

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

Not Applicable

+ See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

Not Applicable

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities

3.2 Credit standby arrangements

Estimated cash outflows for next quarter

4.1 Exploration and evaluation

4.2 Development

4.3 Production

4.4 Administration

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.

+ See chapter 19 for defined terms.

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Changes in interests in mining tenements and petroleum tenements

6.1 Interests in mining tenements and petroleum tenements relinquished, reduced or lapsed

6.2 Interests in mining tenements and petroleum tenements acquired or increased

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

7.5 +Convertible debt securities (description)

+ See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

7.6 Changes during quarter

(a) Increases through issues (b) Decreases through securities matured, converted

7.12 Unsecured notes (totals only)

+ See chapter 19 for defined terms.

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Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Compliance statement

1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

2 This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

Sign here: ............................................................ Date: 31 October 2014

(Director/Company secretary)

Print name: Mark Pearce

Notes

1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements and petroleum tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement or petroleum tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.

4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of

Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

+ See chapter 19 for defined terms.

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