Thunder Energy Trust
TSX : THY.UN

Thunder Energy Trust
Mustang Resources Inc.
TSX : MUS.A
TSX : MUS.B

Mustang Resources Inc.
Forte Resources Inc.
TSX : FRZ

Forte Resources Inc.

July 07, 2005 09:00 ET

Thunder Energy Inc., Mustang Resources Inc. and Forte Resources Inc. Announce Overwhelming Shareholder Support and Court Approval for Plan of Arrangement

CALGARY, ALBERTA--(CCNMatthews - July 7, 2005) - Thunder Energy Inc. (TSX:THY) ("Thunder"), Mustang Resources Inc. (TSX:MUS.A)(TSX:MUS.B) ("Mustang") and Forte Resources Inc. (TSX:FRZ) ("Forte") jointly announced today overwhelming shareholder support and Court approval for the proposed plan of arrangement to combine the three entities and create a new oil & gas trust ("Thunder EnergyTrust"), two exploration focused producers ("Alberta Clipper Energy Inc.") and ("Valiant Energy Inc.") and a resource based coal bed methane ("CBM") company ("Ember Resources Inc.)

The voting by disinterested shareholders provided results which, for the Arrangement itself, passed by 99.7% for Thunder, 99.9% for Mustang and 99.7% for Forte. The private placements passed by 80% for Alberta Clipper Energy Inc and 80% for Ember Resources Inc. by combined Thunder and Mustang Shareholders and by 93% for Valiant Energy Inc. by Forte shareholders. The arrangement is expected to close July 7, 2005.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect the Company's operations or financial results are included in the Company's reports on file with Canadian securities regulatory authorities.

Thunder Energy Inc. is a Calgary-based oil and gas exploration company. Thunder's shares trade on the Toronto Stock Exchange under the trading symbol "THY".

Mustang Resources Inc. is a Calgary-based oil and gas exploration company. Mustang's shares trade on the Toronto Stock Exchange under the trading symbol "MUS.A" and "MUS.B".

Forte Resource Inc. is a Calgary-based oil and gas exploration company. Forte's shares trade on the Toronto Stock Exchange under the trading symbol "FRZ".

Contact Information

  • Thunder Energy Inc.
    Douglas A. Dafoe
    President & C.E.O.
    (403) 294-1635
    (403) 232-1317 (FAX)
    www.thunderenergy.com
    or
    Mustang Resources Inc.
    Richard A. M. Todd
    President & C.E.O.
    (403) 283-8990
    (403) 521-5284 (FAX)
    www.mustangresources.com
    or
    Forte Resources Inc.
    Tom MacKay
    Chairman & C.E.O.
    (403) 237-5163
    (403) 237-5256 (FAX)
    www.forteresources.ca