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.

May 24, 2005 09:00 ET

Thunder Energy Inc., Mustang Resources Inc. and Forte Resources Inc. Announce an Update to Reserves Resulting in a 25% Increase in Reserve Value as at March 31 2005 for the Combined Entities

CALGARY, ALBERTA--(CCNMatthews - May 24, 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 an update to reserves as at March 31 2005 for each component of the proposed re-organization. As a result of the update the combined reserve value of the entities has increased 25%. These reports were updated by the reserve engineers Gilbert Lausten Jung and Associates Ltd. ("GLJ") for Thunder and Mustang and Sproule Associates Limited ("Sproule") for Forte.

For the purposes of preparing the update, GLJ has prepared mechanical updates of the Thunder report and Mustang report, effective March 31, 2005, and Sproule has prepared a mechanical update of the Forte report, effective March 31, 2005, in each case with respect to those properties to be transferred to the Trust, the Thunder Explorco, the Forte Explorco and the Thunder CBMco pursuant to the Arrangement. In addition it updates the respective reports for reserves added from drilling activity from December 31, 2004 to March 31, 2005.

With respect to the Trust, the mechanical update, of the Thunder report prepared by GLJ includes the combined interests of both Thunder and Forte in the Laprise, British Columbia property, while the mechanical update of the Forte report prepared by Sproule excludes the interests of Forte in such property. The mechanical updates update the Thunder report, Mustang report and Forte report to account for production from December 31, 2004 to March 31, 2005 and to give effect to the pricing assumptions described below under the heading "Pricing Assumptions - Forecast Prices and Costs".



Pro Forma Attributes of Thunder Trust, Thunder Explorco, Thunder
CBMco and Forte Explorco Updated to March 31 2005

THUNDER THUNDER THUNDER FORTE
Trust Explorco CBMco Explorco
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2005E Production
(July 1- December 31)
Oil and Liquids (bbls/d) 4,700 300 0 570
Natural Gas (mmcf/d) 50 3.3 2 3.7
Total (boe/d) 13,000 850 350 1,187
Gas % 65 65 100 52

Reserves
Proved (mmboe) 32.4 2.3 1.0 1.3
P + P (mmboe) 46.3 3.3 1.6 1.8
RLI (P+P) (1) 9.8 10.6 12.5 8.2

Reserve Values (2)
Proved ($mm) 526 40.4 11.9 23.4
P + P ($mm) 691 53.8 18.3 30.2

Undeveloped Land
(net acres) (3) 173,000 178,000 289,000 84,000

Operating Costs
($/Boe) 8.50 7.00 7.00 9.00


Net Debt (working
capital) ($mm) (4) 135 (3.5) (1.0) (2.5)

Basic Units/Shares
Outstanding (mm) (5) 47.0 29.3 23.2 16.3

Net Asset Value
per share $12.20 $ 2.56 $ 2.08 $ 2.52


(1) Effective RLI based on 2005 estimated production.
(2) Reserve values are the before tax present values of cash flow at
a 10% discount rate as per the GLJ and Sproule reserve reports
updated to March 31, 2005.
(3) As at March 31, 2005.
(4) Estimated net debt (working capital) at closing inclusive of
transaction costs and net of the proceeds of the planned private
placements.
(5) After giving effect to a consolidation of the Trust units on a
1:2 basis, the shares of Thunder Explorco on a 1:3 basis, the
shares of Thunder CBMco on a 1:3 basis and the shares of Forte
Explorco on a 1:3 basis post the above mentioned share exchange.


Pricing Assumptions - Forecast Prices and Costs

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GLJ and Sproule employed the following pricing, exchange rate and
inflation rate assumptions as of March 31, 2005 in estimating the
reserves data using forecast prices and costs.
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YEAR NATURAL GAS CRUDE OIL
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WTI at
Henry Hub Plant Gate Cushing Edmonton
($US/ mmbtu) ($Cdn/mmbtu) ($US/bbl) ($Cdn/bbl)
-----------------------------------------------------

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Forecast
2005 Q2-Q4 7.25 7.45 54.00 65.00
2006 6.80 6.95 50.00 60.00
2007 6.50 6.70 47.50 57.25
2008 6.25 6.50 45.00 54.25
2009 6.00 6.25 42.00 50.50
2010 6.00 6.25 40.00 48.00
2011 6.00 6.25 40.00 48.00
2012 6.00 6.25 40.00 48.00
2013 6.10 6.40 40.50 48.75
2014 6.20 6.50 41.25 49.50
2015 6.25 6.60 41.75 50.25
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Thereafter Various escalation rates

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YEAR NATURAL GAS LIQUIDS
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Pentanes
Plus Butanes Inflation
Edmonton Edmonton Rate %/Yr Exchange Rate
($Cdn/bbl) ($Cdn/bbl) %/Yr ($US/$Cdn)
-----------------------------------------------------

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Forecast
2005 Q2-Q4 65.75 48.00 2 0.82
2006 60.75 44.50 2 0.82
2007 58.00 42.25 2 0.82
2008 55.00 40.25 2 0.82
2009 51.00 37.25 2 0.82
2010 48.50 35.50 2 0.82
2011 48.50 35.50 2 0.82
2012 48.50 35.50 2 0.82
2013 49.25 36.00 2 0.82
2014 50.00 36.75 2 0.82
2015 50.75 37.25 2 0.82
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Thereafter Various escalation rates

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Previously Announced Proposed Combination

On May 3, 2005 Thunder, Mustang and Forte announced an Arrangement Agreement under which , shareholders of Thunder will receive one trust unit or one exchangeable share of the Trust, one share of Thunder Explorco and one share of Thunder CBMco for each Thunder share held. Mustang shareholders will receive 1.1 of a trust units or 1.1 of an exchangeable share of the Trust, 1.1 of a share of Thunder Explorco and 0.25 of a share of Thunder CBMco for each Mustang share held. Forte shareholders will receive 0.35 of a trust unit or 0.35 of an exchangeable share of Thunder Trust and one share of Forte Explorco for each Forte share held. It is contemplated that the units of the Trust will be consolidated on a 1:2 basis, the shares of Thunder Explorco will be consolidated on a 1:3 basis, the shares of Forte Explorco will be consolidated on a 1:3 basis and the shares of Thunder CBMco will be consolidated on a 1:3 basis post the above mentioned share exchange. A maximum of 15% exchangeable shares will be issued under the proposed combination.

An information circular detailing the Arrangement is anticipated to be mailed to security holders in early June 2005. Shareholder meetings of Thunder, Mustang and Forte to consider the reorganization will occur during the first week in July 2005. The Plan of Arrangement will require the approval of 66 2/3 percent of the votes cast by each class of shareholders, option holders and warrant holders at each of the shareholder meetings, the approval of the majority of the shareholders excluding management and the approval of the Court of Queen's Bench of Alberta and certain regulatory agencies. In addition, the Board of Directors of each Company has agreed that it will not solicit or initiate discussions or negotiations with any third party for any business combination involving either of Thunder, Mustang or Forte. Thunder has agreed to pay Mustang and Forte a non-completion fee of $3 million each and each of Mustang and Forte have agreed to pay Thunder a non-completion fee of $2.5 million in certain circumstances.

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".

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