Thunderbird Energy (OTC Other: TBDYF; TSX-V: TBD) updates investors on 2011 operations, beginning with the Company’s Gordon Creek natural gas field. Over the next two years, phase 1 of a planned drilling and workover program will consist of 50 new wells and 5 workovers of existing wells. In the 4th quarter of 2011, there were a number of delays stemming from the performance of various third party contractors, all of whom have been replaced.
To date, three wells have been drilled to depth, logged and cased for production and drilling of the 4th well is nearing total depth. An additional 6 surface holes were drilled and cased in January by a separate, smaller drilling rig that was employed for that purpose. This should speed up future drilling and ultimately reduce overall drilling costs. Based on log analysis, all three wells drilled to depth so far encountered the Ferron formation as expected, with apparent sand and coal pay thicknesses that equaled or exceeded the Company’s prognosis. Initial production rates will not be determinable until the wells are fracture stimulated, equipped and tied in accordance with the Company’s Gordon Creek best practices protocol. The Company anticipates mobilizing a frac crew to Gordon Creek, once an additional 4 to 6 wells have been drilled and cased, which is anticipated to occur in March or early April. The workover operations are scheduled to commence following the end of the winter closure restrictions on April 15.