CORP / Thunder Energy Inc. 1997 Year End Reserves
TSE SYMBOL: THY
FEBRUARY 18, 1998
CALGARY, ALBERTA--Thunder Energy Inc. (THY - TSE) announced today
1997 year end reserves as determined by its independent
engineering consultants, Sproule Associates Limited.
Total additions for the year were 2.4 million barrels of oil and
ngl's and 29.6 BCF of gas. Seventy eight percent of 1997
additions were achieved with the drill bit with the balance coming
from acquisitions. On a barrel of oil equivalent basis 1997 year
end reserves have increased 449 percent over 1996 reserves.
During the year Thunder drilled a total of 36 wells (16 net)
resulting in 21 gas wells (9.2 net), 11 oil wells (5.2 net), 1
service well (0.5 net) and 3 dry holes (1.1 net). Seventeen of
these wells were drilled in the fourth quarter.
Total capital expenditures in 1997 are estimated at $19.3 million.
For the year Thunder's finding and development costs were $4.69
per BOE on a proven basis and $3.63 on a proven plus probable
basis. Thunder's three year average finding and development costs
are $4.80 per BOE and $3.77 per BOE on a proven and proven plus
probable basis respectively.
/T/
RESERVES, as at December 31, 1997
Oil & Ngl's Gas Future Cash Flow ($ 000's)
(mbbls) (Bcf) Undiscounted 10 Percent 15 Percent
-------------------------------------------------------
Proven 1,642 31.9 66,976 44,020 38,150
Probable 819 5.7 20,176 8,499 6,576
Total 2,461 37.6 87,152 52,519 44,726
/T/
Thunder Energy is a Calgary based oil and gas exploration company
operating in Alberta. Current production is estimated at 2,000
BOE's per day. Thunder's shares are traded on the Toronto Stock
Exchange under the trading symbol "THY". |
