Thunderbird Energy Corp.

Thunderbird Energy Corp.

April 21, 2008 09:00 ET

Thunderbird Announces 66% Increase in Reserve Valuation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 21, 2008) - Thunderbird Energy Corp. (TSX VENTURE:TBD) (the "Company") today announced the results of its January 31, 2008 reserves evaluation. The reserves reflect the Company's interest in the Gordon Creek natural gas field, as well as the Company's interest in the Rush County Kansas light oil production. The estimated valuation (PV10) of the Company's 2P reserves increased to $32 million as compared to $19.3 million last year.

"We made tremendous progress during the past year as we continue to build on our reserves, cash flow and land base", stated Cameron White, President of Thunderbird Energy Inc. "Our recently announced agreement to expand our holdings in both Gordon Creek, Utah and Weston County, Wyoming will further solidify and grow our land base. We are very much looking forward to implementing our exploration and development plans in both Wyoming and Utah over the weeks and months ahead, with a view to continuing to build our reserves and cash flow."

The evaluation was conducted by MHA Petroleum Consultants Inc. of Denver, Colorado and prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas activities. The reserve data in this release is subject to and should be read in conjunction with the entire Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas information. The 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. Thunderbird has currently filed its year end audited financial statements and MD&A with the corporate regulatory authorities. These filings can be accessed electronically on Thunderbird Energy's website at or on the SEDAR website at

Summary of Thunderbird Energy Oil & Natural Gas Reserves
As of January 31, 2008
Forecast Prices and Costs - BFIT

Oil Gas

Reserve Gross, Net, Gross, Net,
Proved Reserves
Proved Developed Producing 13.2 9.8 473.0 330.9
Proved Developed Non-Producing 0.0 0.0 2,741.3 2,104.9
Proved Undeveloped 0.0 0.0 2,208.5 1,680.9
Total Proved Reserves (1P) 13.2 9.8 5,422.8 4,116.7

Probable Reserves 20.1 15.1 11,865.3 9,006.7
Total Proved + Probable Reserves (2P) 33.3 24.9 17,288.1 13,123.4

Possible Reserves 48.7 36.5 13,903.2 10,546.6
Total Proved + Probable +
Possible Reserves (3P) 82.0 61.4 31,191.3 23,670.0

Net Present Value
(Discounted at %/year)
Reserve 0% 5% 10% 15% 20%
Category MM$ MM$ MM$ MM$ MM$
Proved Reserves
Proved Developed Producing 1.953 1.677 1.498 1.364 1.257
Proved Developed Non-Producing 11.541 8.904 7.167 5.958 5.078
Proved Undeveloped 6.874 4.771 3.388 2.433 1.745
Total Proved Reserves (1P) 20.368 15.352 12.053 9.755 8.080

Probable Reserves 45.476 29.287 19.999 10.677 10.379
Total Proved + Probable
Reserves (2P) 65.844 44.639 32.052 20.432 18.459

Possible Reserves 76.467 58.112 46.753 42.521 33.348
Total Proved + Probable +
Possible Reserves (3P) 142.311 102.751 78.805 62.953 51.807

Forecast economics in the Report are based on the NYMEX January 31, 2008 WTI oil prices and Henry Hub natural gas prices as prepared by MHA. Constant price economics were based on January 31, 2008 prices of $92.17 per barrel for oil and $8.07 per mcf for natural gas.

Thunderbird Energy is a Canadian based oil and gas exploration and Production Company with interests in the US Rockies and mid-continent regions. Thunderbird's holdings include the Gordon Creek, Utah natural gas field, the Rush County, Kansas light oil project and a 20,000 acre exploration project in Weston County Wyoming.

Caution Regarding Forward-looking information

Information in this news release respecting the reserves valuations, expected production levels, prices and anticipated total oil and gas recoveries constitutes forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, expectations, or beliefs as to future events or results are believed to be reasonable based on the information currently available to the Company. The Company does not undertake to update any such forward-looking statements.

The Company's actual reserves and future production may be greater that or less that the estimates provided. The estimated future net revenue from the production of the Company's reserves does not represent the fair market value of Thunderbird Energy's reserves.

Statements including forward-looking information involve known and unknown risks, uncertainties and other factors which may cause the actual results of the Company and its operations to be materially different from estimated costs or results expressed or implied by such forward-looking statements.

There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or the adequacy of this press release.

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