| ||March 14, 2008|
Year End Overview
| ||Vancouver, British Columbia March 14, 2008 - Thunderbird Energy Corp. (TSX-V: TBD) (the "Company") provides an overview of its activities during the year ended January 31, 2008. |
During the year, the Company achieved the following significant milestones:
An updated NI 51-101 reserve valuation has been commissioned and should be completed later this month.
- Doubled net land base, production and reserves by acquiring the interests held by Fellows Energy in the Gordon Creek natural gas project in Utah;
- Completed the Rush County, Kansas drilling program which added light sweet crude oil production to Thunderbird's revenue base;
- Added a high impact exploration play (oil and gas) in the Powder River basin, Weston County Wyoming, consisting of roughly 20,000 gross acres (11,000 net acres)
- Further increased the Gordon Creek land base from approximately 5000 net acres to 7500 net acres, through acquisition
- Completed a $50 million Credit facility agreement with Macquarie Bank.
In August of 2007, Thunderbird assumed operatorship of the Gordon Creek project and late in the year, drilled 3 exploration wells. Current plans are to tie in the first well in for a production test in Q2 of the current fiscal year.
In December of 2007, Thunderbird initiated a workover program involving 2 of the producing wells and one shut in well at Gordon Creek. Short production tests during January (approximately one week) showed very strong production gains, but the tests were not of sufficient length to estimate long term production increases. Sever winter weather conditions in the Rockies created extremely difficult operating conditions including record snowfalls, freezing and equipment damage. Accordingly, the workover program has been temporarily suspended until the weather improves. During the month of January 2008, Thunderbird's net share of production averaged approximately 650 mcf/day, as compared to 235 mcf/day in January of 2007. Two of the producing wells were shut down for a portion of the month due to workover operations and as of the end of January, the shut in well (19-14-8B) had yet to be tied in.
The operator of Thunderbird's Kansas oil production (EHM Energy) has advised that winter weather conditions and a field shut in pending completion of a water disposal well, contributed to reduced production in December and January. EHM has further advised that as the disposal well becomes fully operational, they anticipate that Thunderbird's share of production will be approximately 20 -- 25 bbls/day.
Effective February 29, 2008, Michael Worthington has resigned as Thunderbird's VP Operations. Michael has chosen a career path with a mid-tier Canadian exploration and production company. Thunderbird would like to wish Mike the best and thank him for his contribution to Thunderbird's many achievements over the last year.
Looking forward, Thunderbird is currently in the final stages of designing a seismic acquisition program for its Powder River Basin, Wyoming project, currently scheduled to be shot late in Q2. This will be followed up by drilling in Q3-Q4. The Company is also designing a seismic program for the Gordon Creek, Utah gas field. This program would have the two fold purpose of identifying and verifying drilling targets for this year, as well as initiating a geological valuation of the newly acquired acreage immediately to the North of the current production.
Thunderbird is looking forward to a very busy few months ahead on its existing projects and also anticipates expanding its asset base and land position through further acquisitions.
Thunderbird Energy is a Canadian based oil and gas exploration and production company with interests in the US Rockies and mid-continent regions. Thunderbird's holdings include the Gordon Creek, Utah natural gas field, the Rush County, Kansas light oil project and a 20,000 acre oil and gas exploration project in Weston County, Wyoming.
For more information, contact:
President and CEO
THUNDERBIRD ENERGY CORP.
847 Hamilton Street
Vancouver, B.C. V6B 2R7
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or the adequacy of this press release.
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