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News Releases
 June 01, 2007
Thunderbird Releases Year End Reserves and Operations Summary

 Vancouver, British Columbia, June 1, 2007- Thunderbird Energy Corp. (TSX-V: TBD) (the "Company") today announced the results of its January 31, 2007 reserves evaluation. The reserves reflect the Company's 50% interest in the Gordon Creek natural gas field acquired in 2006, as well as the Company's interest in the Rush County Kansas light oil production. The first 2 Rush County wells commenced production during the month of January 2007. The evaluation was conducted by MHA Petroleum Consultants Inc. of Denver, Colorado and prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas activities.

The reserve data in this release is subject to and should be read in conjunction with the entire Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas information. The Form 51-101F1, Form 51-101F2 - Report of Independent Qualified Reserves Evaluator, and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure have been filed with Canadian securities regulators. Thunderbird has currently filed its year end audited financial statements and MD&A with the corporate regulatory authorities. These filings can be accessed electronically on Thunderbird Energy's website at or on the SEDAR website at

Summary of Thunderbird Energy Oil & Natural Gas Reserves
As of January 31, 2007
Forecast Prices and Costs - BFIT
  Oil Gas  
Reserve Gross, Net, Gross, Net,  
Proved Reserves  
Proved Developed Producing 16.1 12.8 251.2 202.8  
Proved Developed Non-Producing 16.4 13.1 516.5 451.9  
Proved Undeveloped 32.8 26.2 2,840.7 2,485.6  
Total Proved Reserves (1P) 65.3 52.1 3,608.4 3,140.3  
Probable Reserves 178.5 143.0 8,224.8 7,157.5  
Total Proved + Probable Reserves (2P) 243.8 195.1 11,833.2 10,297.8  
Possible Reserves 276.0 220.8 11,737.6 4,621.7  
Total Proved + Probable + Possible Reserves (3P) 519.8 415.9 25,300.9 21,998.8  
  Net Present Value
Discounted at %/year
Reserve 0% 5% 10% 15% 20%
Category MM$ MM$ MM$ MM$ MM$
Proved Reserves          
Proved Developed Producing 1.129 0.987 0.884 0.806 0.743
Proved Developed Non-Producing 1.794 1.415 1.155 0.967 0.827
Proved Undeveloped 5.291 3.456 2.223 1.360 0.734
Total Proved Reserves (1P) 8.214 5.858 4.262 3.133 2.304
Probable Reserves 27.391 19.432 15.069 11.956 9.604
Total Proved + Probable Reserves (2P) 35.605 25.290 19.331 15.089 11.908
Possible Reserves 63.802 46.452 38.754 33.499 29.564
Total Proved + Probable + Possible Reserves (3P) 99.407 71.742 58.085 48.588 41.472

Since the year end, Thunderbird has:
  • entered into an agreement to nearly double its land position at Gordon Creek Utah, by the acquisition of additional adjacent acreage to the North;

  • entered into an agreement to acquire, subject to due diligence, a 50% interest in a 19,000 acre oil and gas play on the eastern flank of the Powder River Basin, Wyoming;

  • opened an operations office in Calgary, Alberta; and

  • hired Michael Worthington P. Eng. as Vice-President of Operations, based in Calgary.
Workover operations have recently commenced at Gordon Creek and will continue through June. Gross production at Gordon Creek during recent months has ranged from approximately 500 mcf/day (gross) to as high as 1.5 mmcf per day as a result of maintenance issues with the field compressor and other equipment. In addition to addressing these maintenance issues, the current program is designed to expand production by treating previously completed zones, drilling out plugged off zones and completing new pay zones. These operations will be carried out in currently producing wells, as well as wells that are presently shut in. In addition, a drilling rig is currently being sourced for a planned summer drilling program.

The initial 2 wells drilled in Kansas continue to produce at a combined rate of approximately 60 bbls/day (30 bbls net to Thunderbird), which accords with expectations for this play. Tornados and other extreme weather in Kansas have delayed the commencement of production of the next 3 wells, but Thunderbird's current operations escaped any significant damage. It is expected that these 3 wells will be on production shortly. Additional drilling opportunities in Rush County and surrounding Counties are currently being assessed and will likely be pursued in the fall of 2007.

"We are very pleased with what we have accomplished during the past year as we have added 2 producing assets with an estimated PV10 valuation (2P) as of January 31, 2007 of US$19.3 million", stated Cameron White, President of Thunderbird Energy Inc. "With these accomplishments during the past year, we are in a much stronger position to continue to execute on our plan of applying Canadian expertise and Canadian dollars to untapped opportunities in the United States."

Thunderbird Energy is a Canadian based oil and gas company that is focused on acquiring and developing untapped oil and natural gas opportunities in the United States. Thunderbird's current production mix is approximately 90% natural gas and 10% oil. Thunderbird presently owns a 50% interest in the Gordon Creek producing natural gas field in the State of Utah, and a 50% interest in a producing oil project in Kansas, USA. Thunderbird's other holdings include a New Brunswick oil and gas exploration project adjacent to the Stoney Creek field.

For more information, contact:

Cam White

President and CEO

847 Hamilton Street
Vancouver, B.C. V6B 2R7
Tel: 604-707-0373.
Fax: 604-707-0378

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or the adequacy of this press release.

Caution Regarding Forward- looking information

Information in this news release respecting the reserves valuations, expected production levels, prices and anticipated total oil and gas recoveries constitutes forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, expectations, or beliefs as to future events or results and are believed to be reasonable based on the information currently available to the Company. The Company does not undertake to update any such forward-looking statements. The Company's actual reserves and future production may be greater than or less than the estimates provided. The estimated future net revenue from the production of the Company's reserves does not represent the fair market value of Thunderbird Energy's reserves.

Statements including forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company and its operations to be materially different from estimated costs or results expressed or implied by such forward-looking statements.

There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

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