Thunderbird Energy Corp. reported the completion of the evaluation of its Gordon Creek, Utah natural gas reserves. The evaluation was prepared by GLJ Petroleum Consultants of Calgary, Alberta effective January 31, 2012 in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas activities. 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.
The Company wishes to highlight a few aspects of the reserve evaluation:
• Proved Reserves increased 50% over the previous year from 7,457 Mmcf to 11,171 Mmcf.
• Probable Reserves increased 49% over the previous year from 18,515 Mmcf to 27,589 Mmcf.
• The discounted cash flow valuation (PV10) of the Company's proved plus probable reserves increased 84% over the previous year from $37.9 million to $69.9 million.