Thunderbird Doubles Utah Acreage
Thunderbird Energy Corp. has entered into an agreement with a Calgary based company to acquire a 50% working interest in two separate oil and gas projects for cash. Closing of the acquisitions is subject to the satisfactory completion of due diligence and a title review, which will take place over the next 30 days.
Carbon County, Utah
The first property to be acquired is a 50% working interest in a 5000-acre land package, which is adjacent to and immediately North of Thunderbird's existing Gordon Creek producing natural gas field--roughly doubling the size of the land position. The existing Gordon Creek field includes four producing wells, four shut in wells and a gathering/compressor system with over 10km of pipeline. Gas is delivered to a transmission line owned by Utah based Questar Corporation which, with the addition of the new acreage, will now bisect the combined land position. The Gordon Creek field also lies immediately West of 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.
Weston County, Wyoming
The 19,000-acre Weston County project is located in a prolific oil and gas-producing area of Eastern Wyoming. 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. Some of the largest Dakota and Minnelusa fields are located within 10 miles of the newly acquired acreage, including the 75 million barrel Raven Creek and 25 million barrel Donkey Creek field.
Thunderbird Energy is a Canadian based oil and gas company that 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.
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Company: Thunderbird Energy Corp. more info
- Thunderbird Ramps Up Production in 1Q10 (May 17)
- Thunderbird Agrees to Expand Wyoming, Utah Property Interests (Mar 26)
- Thunderbird Completes Wyoming, Utah Acquisitions (Feb 01)