NR thunderbird advance $3m gas project

Sandstorm metals energy agrees to acquire oil and gas streams

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duncanmcl

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NR thunderbird advance $3m gas project

posted on Jul 31, 2012 10:29PM

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2012) - Sandstorm Metals & Energy Ltd. ("Sandstorm" or the "Company") (TSX VENTURE:SND) has agreed to advance a US$3 million payment to Thunderbird Energy Corp. ("Thunderbird") (TSX VENTURE:TBD). This US$3 million will be deducted from the scheduled US$10 million payment that is due to Thunderbird in May 2013, thereby reducing the scheduled May 2013 payment to US$7 million. In consideration for the accelerated payment, Sandstorm's natural gas purchase agreement will cover an expanded area of interest. Sandstorm is entitled to purchase 35% of all natural gas produced from Thunderbird's Gordon Creek project for US$1.00 per mcf.

Thunderbird will be using the proceeds of the advanced payment to complete and equip the 8 wells that have been drilled at Gordon Creek since late 2011. Thunderbird has committed to drill a total of 50 new wells and complete workover operations on 5 existing wells by December 31, 2013. For more information on Thunderbird or the Gordon Creek project, please visit www.thunderbirdenergy.com.