VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2012) - Thunderbird Energy Corp. (TSX VENTURE:TBD) (the "Company") is pleased to announce that it is securing services to commence the completion and tie in of the 8 wells drilled during the 2011/2012 Gordon Creek winter drilling program. (A more complete discussion of the 2011/2012 drilling program, including results to date, are contained in the Company's June 1, 2012 news release.) The completion and tie in programs are expected to commence in July 2012. Completion programs will vary somewhat for each well depending on pay zone thicknesses and porosities, but will typically involve fracture stimulating the wells, equipping them and tying them into the existing Gordon Creek pipeline and infrastructure.
A substantial portion of the funding for the Company's Gordon Creek development program operations is being provided through a $25 million commodity stream agreement with Sandstorm Metals & Energy Ltd. ("Sandstorm") Under the terms of the agreement, Sandstorm advanced the Company $15 million in 2011 and is scheduled to advance the remaining balance of $10 million in 2013 upon the Company drilling a total of 20 new wells and completing workovers of 5 existing wells. The Company has recently negotiated an amendment to its agreement with Sandstorm whereby Sandstorm will immediately advance $3 million of the $10 million originally due in 2013, in order to facilitate the current 8 well completion program. In exchange, the Company has agreed to expand the boundaries of the area of mutual interest ("AMI") set out in the original Sandstorm agreement by roughly 2 miles on all sides. This will provide Sandstorm with the right to continue to participate with Thunderbird over a substantially expanded area as the development operations at Gordon Creek grow in the future.
Thunderbird Energy is a Canadian-based oil and gas exploration and production Company with interests in the US Rockies and mid-continent regions.
Caution Regarding Forward- looking information
Information in this news release respecting anticipated petroleum and natural gas reserves and valuations, as well as the Company's proposed development operations 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 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 unless required by applicable securities legislation.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.