Thunderbird Energy Corp. has entered into an agreement to increase its working interest from 50% to 95% in the Weston County, Wyoming and Gordon Creek, Utah projects. The Company announced the acquisition of its initial 50% working interest in these projects in a news release dated February 1, 2008. The completion of the current acquisition is subject to legal due diligence.
The Weston County project consists of roughly 21,000 acres located in a prolific oil and gas producing area of the Eastern Powder River Basin. The project has a number of conventional oil and natural gas targets in the Dakota and Minnelusa formations. The Cretaceous Dakota and Permo-Penn Minnelusa are both highly productive sandstone reservoirs when found in trapping positions and have accounted for hundreds of millions of barrels of production in the Powder River Basin. Examples of Dakota and Minnelusa fields in the vicinity of the Weston County Project include the Donkey Creek, Raven Creek, Coyote Creek and Slattery fields, which have cumulative production to date of 100 million barrels of oil and 40 Bcf of natural gas.
Approximately 200 miles of 2D seismic were shot over the subject lands in the early 1980's and Thunderbird is currently designing a 3D program to cover portions of the lands that appear prospective for both Dakota and Minnelusa production.
Thunderbird is the operator of the project, holds a 100% interest in approximately 2000 acres and under the new agreement, will hold a 95% working interest approximately 19,000 acres.
Thunderbird will be increasing its interest to approximately 95% in a 5000 acre land package, which is adjacent to and immediately North of Thunderbird's existing Gordon Creek producing natural gas field -- bringing Thunderbird's net land position to nearly 10,000 acres. The existing Gordon Creek field includes 4 producing wells, 6 shut in wells and a gathering/compressor system with over 10km of pipeline. Gas is delivered to a transmission line owned by Questar Corporation which crosses the project. The Gordon Creek field was originally drilled in 2002-2003 and lies immediately West of and up-structure from the Drunkards Wash gas field, currently owned by Conoco/Phillips. Drunkard's Wash is Utah's largest natural gas field and largest coal bed methane field, and has been operating since 1992. The average well life at Drunkard's Wash is approximately 18 years and the average recoverable reserves are 1.75 Bcf per well from the Ferron Sandstone and Ferron Coal formations.
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