Agoracom: Small Cap Investment - SandStorm Metals & Energy - NR thunderbird advance $3m gas project

Sandstorm metals energy agrees to acquire oil and gas streams

Welcome To The SandStorm Metals & Energy HUB On AGORACOM

Edit this title from the Fast Facts Section

Reply New Message

Back To Forum List View

duncanmcl

Rank: President [?]

Points: 18127 [?]

Votes: 105 Score: 3.9 [?]

Your Vote:

Please Log In to Vote

Did you know? You can earn activity points by filling your profile with information about yourself (what city you live in, your favorite team, blogs etc.)

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.