Download - TBD Presentation
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TSX-V: TBDUSA - OTC: TBDYF
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Highlights
Natural Gas
Gordon Creek, UtahAdjacent to Utahs largest gas field Drunkards Wash Currently 8 Bcf Proven Reserves + 19 Bcf Probable Reserves
Potential to increase conventional reserves to 250 Bcf
Mancos Shale major additional reserve potential through the adoption of modern completion techniques
2011 NI 51-101 valuation of US$38 million
CO2 Known CO2 Pool (estimated 140 BCF 1.3 TCF)
Potential Markets (EOR, Oilfield Service, Food & Beverage)
Major Commercial Value Potential
Oil Powder River Basin, Wyoming oil exploration
5000 acres in emerging prolific Niobrara oil shale trend
Surrounded by EOG Niobrara 2010 horizontal drilling
2011 test well with Niobrara oil shows
Duschene County, Utah acquiring land on emerging prolific green river oil shale play
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Gordon Creek - Natural Gas
Drunkards Wash
Clear CreekHelper
Gordon Creek
(MAE: ASX)
(COP: NYSE)
(BBG: NYSE)
(APC: NYSE)
Originally developed in the 1950sProduced 130 BCF from Ferron formationRecent reactivation and drilling program
Proved reserves: 238 Bcfe
40,600 acresProgram potential: 934 Bcfe
Cumulative Gas Production: 815 BCFExpected Recoverable Reserves:1,250 BCF
225,000 net acres204 MMCfe/day
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Gordon Creek - Natural Gas
Drunkards Wash
Conoco DrunkardsWash Field
815 Bcf to date 610 wells 1.25 Tcf projected
2.0 Bcf/well based on 4 wellsper section
Thunderbird GordonCreek Field
> 6500 ASL 4.3 Bcf to date 11 wells (3 onproduction) > 250 potential
locations
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Highlights
Management David Evans P. Geol. Ph.D Chairman
Rick Ironside P.Eng. MBA President, Chief Operating Officer
Barry Brumwell C.E.T. Vice President of Operations
Over 90 years collective experience creating, building and selling oil & gas companies,
including:
Barrington Petroleum - 25,000+ BOE/Day
Defiant Energy Corp 3500+ BOE/Day
Defiant Resources Corp. 1250+ BOE/Day
The Utah Advantage
Gordon Creek borders Drunkards Wash, Utahs most prolific natural gas field Low royalty rates, land costs and operating costs
Recent completion of REX pipeline lowering Rockies pricing differential
Utah named one of the top business friendly jurisdictions in the world (2010 Fraser Institute
study)
Favorable US CDN Exchange rate favors US operations
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Gordon Creek Natural Gas
Making Progress Under New Management (3 years)
Increased 2P reserves 79% and asset value 55% prior to access to new capital
for development drilling
Refinanced company debt, replacing Macquarie bank with debenture holders
Created a new development strategy with potential to add 250 bcf proven
reserves with only 25 million capital expenditures
Concluded gas purchase funding with Sandstorm Metals & Energy Ltd.
$25 Million funding for 2012 and 2013 (commitment of 50 new drills, 5 re-entries)
2012: 15 new drills and rework 5 existing wellbores
2013: drill the balance of the 50 new wells
Sandstorm pays an operating and royalty fee of $1.00 plus 20% of field price > $4.00
For subsequent wells, Sandstorm pays a prescribed well fee
For subsequent lands in a mutual interest area, Sandstorm pays 35%
Recent focus on the commercial value of the Gordon Creek CO2 potential
resource
Increasing oil focus, gaining entry into two new prolific oil plays
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Gas Reserves: By Category
Reserve Category GAS (MMCF)2008 2009 2010 2011
Proved Reserves
Proved Developed Producing 473.0 471.5 1,110.9 967.3
Proved Developed Non-Producing 2,741.3 3,701.2 3,673.6 2,410.5
Proved Undeveloped 2,208.5 4,582.5 4,526.6 4,079.5
Total Proved Reserves (1P) 5,422.8 8,755.2 9,311.1 7,457.3
Probable Reserves11,865.3 20,977.7 21,651.1 18,515.0
Total Proved + Probable Reserves(2P)
17,288.1 29,732.9 30,926.2 25,972.3
Possible Reserves13,903.2 10,860.2 11,241.8 9,761.4
Total Proved + Probable + PossibleReserves (3P) 31,191.3 40,593.1 42,168.0 35,733.8
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Oil & Gas Reserves: Discounted NPV
Reserve Category
2008 2009 2010 2011
PV10MM US$
PV10MM US$
PV10MM US$
PV10MM US$
Proved Reserves
Proved Developed Producing 1.498 0.885 2.314 1.482
Proved Developed Non-Producing 7.167 5.718 5.961 3.756
Proved Undeveloped 3.388 3.504 5.490 4.342
Total Proved Reserves (1P) 12.053 10.107 13.765 9.580
Probable Reserves 19.999 30.993 35.952 28.343
Total Proved + Probable Reserves (2P) 32.052 41.100 49.717 37.923
Possible Reserves 46.753 25.959 24.370 20.540
Total Proved + Probable + Possible Reserves(3P) 78.805 67.059 74.087 58.463
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34-865
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27-864
34-868
28-860
10-1155
28-863
28-862
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3-8R
3-4R 4-4R4-5R
1-5R2-5R
2-7R
2-17R
3-29R
4-29R1-31R
4-31R
1-20R
4-30R
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DRUNKARDS WASH COMPARISON WELLS
: :
Gordon Creek
Drunkards Wash Best Practices Study
140 wells
Proximity Statistical
Analysis
Mapping of
Sands & CoalsDrunkards Wash
Drunkards Wash Comparison Wells
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Highlights Best Practices Study
Technical Analysis
Study of completion practices, logs and statistical data for 140 wells in close
proximity to Gordon Creek
Coals and sands are equivalent and can be mapped from Drunkards Wash across
Gordon Creek and beyond
140 wells divided into 73 wells with thicker sands and 67 mostly coal wells
Statistical solution for gas contribution of sands and coals
Conclusions
Ferron sands and coals at Drunkards Wash continue through Gordon Creek
Substantial by-passed pay at Gordon Creek as a result of differences in historical
practices at Gordon Creek versus Drunkards Wash Best practice is to complete stimulate and simultaneously produce coals and sands
with porosity > 7% and to produce associated water
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Highlights Best Practices Study
DRUNKARDS WASH
RIVER GAS CORP03-442401,382201,223
GORDON CREEK
THUNDERBIRD ENERGY CORP3-20-14-8
K_FERRON
K_B
ASAL_M
ARINE
3450(3587)
3500(3537)
3550(3487)
3600(3437)
3550(3912)
3600(3862)
3650(3812)
3700(3762)
3750(3712)
3800(3662)
Drunkards WashRiver Gas Corp 03-442
401,382 201,223
Gordon CreekThunderbird Energy Corp
3-20-14-8
Sandstone
Coal
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Highlights Best Practices Study
242.4 256.4 251.4211.9 194.4
216.5 194.8 170.6
155.7137.3
0
50
100
150
200
250
300
350
400
450
500
1 2 3 4 5
Gas
Rate(mcf/day
)
Years on Production
Drunkard's Wash - Average Well
Coal Contribution (Avg. 21.6 ft) Sand Contribution (Avg. Phi x h = 2.20)
685
1330
0 443
Forecast Volumes - EconomicLimit - 35 mcf/day 32 Years,
MMcf, MSTB
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Full Cycle Economic Analysis
NYMEX Gas Price vs. IRR and Payout
NYMEX GAS PRICE (US $)
IR
R(%),
Payout(MTHS)
0
20
40
60
80
100
120
140
160
180
0 1 2 3 4 5 6 7 8 9
PAYOUT (MTHS) IRR (%)
(Current Price)
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Shale Gas Play Comparisons
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
*BreakEven
-$/Mcf
Gordon Creek - Compared to a Ranking of the Various NaturalGas Shale Plays
* Economic Break Even Assumes 20% Before Tax Return on Capital and Excludes Sunk Costs (Acreage, overhead, etc.)
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Full Cycle - Economic Analysis
Well Parameters
To be conservative, we have assumed a 25% reduction in reserves and IP rates
Average reserves of 1.45 Bcf per well
First year average rate of 370 mcf/day raw gas
Average SITLA, Fee or BLM Royalty = 16.5%
Est. drill, complete, equip and tie-in $750,000 US Land acquisition cost per location $16,000 US
Mainline cost per well $25,000 US
Operating cost - $1000 per well per month plus $0.45/mcf
Transportation offset to NYMEX gas price = $0.50 US
Conclusions Full cycle break even price roughly $2.00 NYMEX
$4.00 NYMEX flat price yields a 38.6% Internal Rate of Return
$5.50 NYMEX yields a 66.9% IRR and a 18 month payout
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Mancos Shale Lower Blue Gate Member
1,500 to 1,800 ft of thick uniform calcareous shale.
Overlain and underlain by established sandstone /coal gas reservoirs.
Over 1,000 ft has TOC (type II and mixed type II-IIIkerogen) greater than 1.0%, 680 feet has TOC greaterthan 1.5%, and nearly 200 feet has TOC greater than
2.0%.
Chronologically and Stratigraphically equivalent tothe White Specks/Medicine Hat shale play in southernAlberta.
Is an under pressured reservoir that can greatlybenefit from advancements in Propane Fracturing
technologies.
The OMIMEX STATE 18-1A at Gordon Creek tested1 MMcf/d and came on un-stimulated at 270 Mcf/d.
Large mud gas readings, and widespread gas showsall demonstrate the strong potential for widespread
development of this shale gas reservoir.
GORDON CREEKTHUNDERBIRD ENERGY CORP
1-30-14-8
2350(5274)
2400
(5224)
2450(5174)
2500(5124)
2550(5074)
2600(5024)
Gamma Ray 0-150 API Gas Detector
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Recent Drilling Activity and Results
XTO (Exxon) NewWestern FerronExtension
6 locations 2 drilled at the end of2009.
30 day average testrates of 500 Mcf/d. Not yet tied-in.
XTO/ConocoPhillips- SouthwesternFerron Extension
15 new drills since 2006 6-8 wells a section. IP rates from 200 Mcf/d
1.5 MMcf/d.
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StatusQuo Stage 1 Stage 2
Sandstorm Funding
Gross Capital (US M$)LandDrilling/Completion/EquipWorkoversGathering & Facility
TOTAL
(Net Thunderbird)
15,000
50011,250 (15 wells)2,000 (5 wells)
70014,450
(550)
10,000
45026,250 (35 wells)
-2,250
28,950
18,950
Production (boe/day)GrossNet
150101
1,169 to 1,399760 to 909
2,964 to 3,7131,927 to 2,413
Net RESERVES (Bcfe)ProvenProbable
TOTAL 2P
9.321.730.9
37.7 to 52.029.0 to 40.066.7 to 92.0
150.8 to 208.0____ _-______150.8 to 208.0
Field Cash Flow (M$/Month)Net 47 387 to 462 995 to 1240
Development Plan Growth Summary
ASSUMPTIONS
Production per well 350 to450 mcf/day
Reserves per well of 1.45 to2.0 bcf
Netback of $2.25 per mcfassuming NYMEX price of$4.00 per mcf
Summary acquire 31 sections, work over 5 existing wells, drill 50 new wells and build 8 mile main pipeline to addnet Thunderbird; 1826+ boe/day and 119.9+ bcf of 2P reserves (141.5+ bcf of 1P reserves)
Total Capital - $43.4 million ($18.4 million net Thunderbird)
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Status Quo Stage 1 Stage 2
P&NG Value @ 10%(CDN MM$)
43.9* - -
P&NG Value @ $1.50/mcf(CDN MM$)
100.0 + 226.2
Working Capital(CDN MM$)
15.5 1.6 (9.1)/0.3**
Debt(CDN MM$)
10.0 10.0 10.0
Shares Outstanding(Millions)
80.0 81.0 82.7
Asset Value/Share (Basic)(CDN $)
$0.55 $1.13 $2.50
Asset Value/Share (F.D.)(CDN $)
$0.50 $0.85 $1.77
Development Plan Asset Growth
* January 2011 NI 51-101 Valuation (Proforma Closing Sandstorm Funding)
** Assuming exercise of all warrants (Fully Diluted)
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Gordon Creek - CO2
Known Gordon Creek CO2 Pool
3rd Party studies conducted by the USGS, the DOE and others estimate
CO2 reserves between 140 BCF and 1.3 TCF
Gordon Creek exploration wells drilled in 1960s and 1970s tested between
4.5 and 17.5 mmcf/day
Potential Markets Food and Beverage
Oil Field Operations (Fracking)
Enhanced Oil Recovery (EOR) Uinta Basin
Commercial Value
Current estimated EOR value of $25 per ton ($1.50/MCF) $25 million+ in potential annual sales (at 1 million tons/year)
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OIL FOCUS : Duchesne County, Utah
Duchesne, Utah
Land Acquisition Mode
Freehold lands and Ute Tribe
own large tracts of land here.
Prolific Green River Shale Oil PlayNew Practices
Typical wellfirst yearaverage oilrate in excessof 200 barrels
per day
Vertical welldepths 5000to 8000 cost$1.0 to $1.2
million
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Donkey Creek
Olds
Donkey Creek North
Coyote Creek
Coyote Creek South
Coyote Creek South
Raven Creek
Duvall RanchRobinson Ranch South
Slattery
Brennan
Four Horse
Coyote Creek
Kara
Robinson Ranch
Thornton
GrasshopperButte
Walking Stick
OIL : Weston County, Wyoming
Weston County, WY
Lands are highly prospective for the new Niobrara
horizontal oil shale play
2011 test well with Niobrara oil shows
Further testing and/or horizontal drilling
required to assess
Multiple horizons with oil potential
Adjacent fields have produced over 100
million barrels of oil and 40 BCF of gas to
date, including: Coyote Creek (25 million barrels)
Raven Creek (50 million barrels)
500,000 barrel reserves potential per well on
40 acre spacing
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ThunderbirdLands
OIL : Weston County, Wyoming
Niobrara 2010 Permits > 3000
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Market Summary
TSX-V: TBD
Shares Outstanding: 80 Million
Net Asset Value
Per Share
$43.9 million *
$0.55
Market Summary
Based on 2011 NI 51-101 Reserve Report Proforma Closing of Sandstorm Metals & Energy Ltd. Funding
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David Evans- Director, Chairman
Mr. Evans holds a B. Sc. (Honours), (London) as well as a Ph. D. Geology (Wales). He has 30+
years of experience in the oil and gas industry, in both technical and senior management roles. Most
notably, Mr. Evans has created, grown and ultimately merged or sold 3 very successful oil and gas
public companies, namely Barrington Petroleum Ltd., Defiant Energy Corporation and Defiant
Resources Corporation.
W. D. Cameron White - Director, Chief Executive Officer
Mr. White has been involved in the natural resource business since 1981. His experience includes14 years as a corporate and securities lawyer specializing financing, mergers and acquisitions in the
oil and gas and mining sectors. Mr. White has also served as a director of numerous natural
resource companies.
Rick IronsideDirector, President and Chief Operating Officer
Rick Ironside P. Eng., holds a B.Sc. Engineering (Calgary) and an MBA (Ivey School of Business).He has nearly 30 years of broad based, petroleum industry experience, including 10 years in senior
management roles. Most recently, Mr. Ironside served as President and CEO of Defiant ResourcesCorporation. Mr. Ironside has also recently founded Green Fuels Factory Inc, whose mandate is tobuild the first zero CO2 emission coal to liquids plant in Alberta.
Directors & Officers
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Stephen CheikesDirector
Mr. Cheikes is a lawyer who practiced in New York and Los Angeles before
moving to Vancouver. During the last 10 years Mr. Cheikes has created and
operated a number of tax-assisted investment vehicles that have resulted in the
investment of hundreds of millions of dollars in the film industry.
Jim Podruski- Director
Professional Geologist with 25 years of experience in the petroleum industry and
government agencies, assessing petroleum potential and exploring for and
developing hydrocarbon reserves in several basins in Canada, SE Asia, and
Latin America. Worked as a Geologist for major, intermediate, and junior oil
companies. Published extensively with the Geological Survey of Canada, has
been a Director of 3 junior companies. Former President and CEO of Alturas
Resources. Experienced in directing all facets of petroleum exploration programs.
Holds an MSc Geology from the University of Southern California.
Tim GambleDirector and Corporate SecretaryMr. Gamble is a successful entrepreneur who presently oversees business
operations at Thunderbird Films, with a particular focus on corporate finance, and
strategic alliances, as well as Executive Production services of feature films and
television series. Tim is the founder and former President of Peace Arch
Entertainment Group Inc., which is listed on the TSX and AMEX stock exchanges.
Directors & Officers
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Alan J. Walker - Director
Mr. Walker holds a B.Sc. in Mechanical Engineering from the U.S. Military Academy at West Pointand an MBA from Rensselaer Polytechnic Institute in Production Management. His previousemployment includes positions with General Electric, Amoco Production and Questar Energy. Mr.Walker has extensive military service in the U.S. Army including special operations work throughoutEurope and the Pacific, and most recently as the operations liaison for General Petraeus inBaghdad during the surge in early 2008. Mr. Walker is currently the technology outreach director ofthe USTAR initiative and has been working closely with Thunderbird on the SWP deep saline CO2sequestration project.
Rupert Evans- Vice President of Geosciences
Mr. Evans holds a B.Sc. Geology from the University of Calgary. Mr. Evans has a lead role in thedevelopment of Thunderbird's existing assets and the ongoing evaluation of potential new projectsand growth opportunities. Mr. Evans previously worked with the exploration teams at Defiant Energyand Defiant Resources and, for the last 2 years has acted as a geological consultant ThunderbirdEnergy.
Barry Brumwell Vice President of Operations
Mr. Brumwell has over 30 years of experience covering virtually every facet of drilling andcompletions in the upstream oil and gas industry. During his career Mr. Brumwell has specialized inthe design and exploitation of a variety of conventional and unconventional oil and gas projects. Mr.Brumwell has demonstrated that he is an early adopter of proven technologies and his experiencealso includes oil sands SAGD operations and CO2 sequestration projects. Most recently, Mr.Brumwell supervised a multi-well cardium oil drilling program designed to enable horizontal multi-frac completions.
Directors & Officers
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Certain information contained in this presentation has been obtained from generally recognized, third-partysources and has not been verified independently by the Company. Certain statements contained in this
presentation may constitute forward-looking statements which involve risks and uncertainties that could cause
actual events or results to differ materially from the estimated or anticipated events or results implied or expressed
in such forward-looking statements. Statements contained herein reflect the current internal projections,
expectations and beliefs of the Company based on information currently available to the Company, and the
Company assumes no obligation to update or revise these statements. The Company, nor any of its respective
affiliates or representatives, does not make any representation or warranty, express or implied, as to the accuracy
or completeness of the information contained herein or any other written or oral communication made available inconnection herewith. Only those representations and warranties that are made in a definitive written agreement
relating to a Transaction, when and if executed, shall have any legal effect. This presentation does not purport to
contain all of the information required to evaluate all of the factors that may be relevant to an interested party
considering a Transaction with the Company. The ability of the Company to execute its growth initiatives as
described in this presentation is dependant upon the Company obtaining sufficient additional capital resources,
however there can be no assurance that such growth initiatives will be successful even if such additional capital
resources are obtained. Interested parties must rely upon their own due diligence, investigation, review and
analysis, and should consult such persons own professional advisors in connection with any transaction involving
the Company. The information contained herein is for informational purposes only, and this document is not to be
construed under any circumstances to be (a) an offering or solicitation for the sale of securities; (b) a
recommendation to purchase, sell or hold any securities; (c) or an offering memorandum as contemplated by
applicable securities laws.
Forward Looking Statements
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THUNDERBIRD ENERGY CORPORATION
Thunderbird Energy Inc. (US)
Organization
www thunderbirdenergy com
Corporate Information
Listed TSX Venture Exchange: Symbol TBD
Vancouver Office
Suite 401 533 Smithe Street
Vancouver, BC V6B 6H1
Tel: 604-707-0373
Fax: 604-707-0378
Calgary Office
Suite 800, 555 4th Avenue SW
Calgary, Alberta T2P 3E7
Tel: 403-453-1608
Fax: 403-453-1609