Thunderbird Announces Year End Reserves and Operations Update

Thunderbird Energy Corp. (TSX VENTURE:TBD) (the "Company") today announced the
completion of the evaluation of its reserves. The Gordon Creek natural gas field
in Utah represents most of company's proven and probable reserves and was the
only asset evaluated. The evaluation was conducted by MHA Petroleum Consultants
Inc. of Denver, Colorado effective January 31, 2010 and was prepared in
accordance with National Instrument 51-101 - Standards of Disclosure for Oil and
Gas activities. 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. Copies of these documents may be viewed on the System for Electronic
Document Analysis and Retrieval website at www.sedar.com.


The Company also wishes to highlight a few very significant milestones achieved
over the past year:




--  21% increase in 2P Reserve valuation to US$49.7 million, including a 36%
    increase in proven reserves to US$13.8 million, despite a roughly 5%
    decrease in the natural gas pricing forecast used; 
--  135% increase in proved developed producing reserves and resulting 6%
    increase in total proved reserves resulting from improved well
    performance. 
--  13% average increase in production from existing wells during the year,
    despite the fact that no new wells were drilled and no work-over
    operations were undertaken during the year; 
--  The signing of two letters of intent providing for the accelerated
    development of the Company's Gordon Creek natural gas field; 



Reserves and Operations

The increase in the Company's reserve valuation during the past year is largely
attributable to the performance of the wells during the year and the
corresponding reduced operating costs. Production increases were derived
entirely from optimizing operating practices in accordance with a plan developed
and implemented by COO Rick Ironside and his team. The production increase also
further demonstrates the validity of Thunderbird's Gordon Creek Best Practices
Study which establishes Gordon Creek as a long life, low cost producer, akin to
the neighboring Drunkard's Wash field. 


In addition, the Company has prepared an extensive development plan and detailed
cost analysis following the completion of the Gordon Creek best practices study
in 2009. The combination of these efforts which were carried out in the context
of current market conditions and a planned multiple well drilling program has
resulted in a 30% decrease in budgeted development costs, thereby further
enhancing the economics of the planned Gordon Creek development.


These production and reserve increases have been achieved without the
expenditure of capital as the Company has temporarily deferred new capital
expenditures in light of the current gas markets. However, the Company is in a
position to move quickly to implement the planned development program as market
conditions improve.


Development Agreements

In December the Company announced two letters of intent ("LOI") which will
potentially provide for the rapid development of the Gordon Creek field, subject
to various conditions and approvals. 


The first LOI involves Thunderbird's participation with a group called the
Southwest Regional Partnership ("SWP") in its Carbon Sequestration Phase III:
Deep Saline Sequestration Deployment Project to be sited at Gordon Creek. This
project will be funded approximately 80% by the US. Department of Energy ("DOE")
and 20% by the other participants, including Thunderbird, The University of Utah
through the Utah Science Technology And Research initiative ("USTAR") and the
New Mexico Tech - Petroleum Recovery Research Center. It is anticipated that the
project will represent an investment in excess of Twenty Million (US$20,000,000)
in wells, facilities and infrastructure to be situated at Gordon Creek. The
project is currently at an advanced design stage, although final designs and
participation remain subject to final DOE approvals. The first major step in the
project will be to drill a deep (3650 meter) CO2 source well in the southern
portion of the Gordon Creek lands as early as the third quarter of this year. 


The second LOI contemplates an investment of up to US$20 by a Houston Texas
based private company (the "HoustonCo") to fund a mutually agreed development
plan. HoustonCo will earn various interests at certain stages of development
resulting in an overall 50% working interest (75% working interest before payout
on earning wells) in the Gordon Creek property. Thunderbird will retain
ownership of its existing facilities and infrastructure and will charge mutually
agreed fees for gas gathering, compression and water treating and disposal.
HoustonCo has completed its due diligence on the project and is currently in the
funding phase. Subject to the timely completion of HoustonCo's financing,
Thunderbird anticipates kicking off the joint venture in the third quarter with
a 15 well drilling program. The joint venture remains subject to financing and
to formal documentation. 


"We are extremely pleased with the progress we have made over the last year,
despite a very tough gas market", stated Cameron White, President of
Thunderbird. "The work that our team has completed over the past year has
provided us with a tremendous insight into the optimum operating parameters and
growth potential at Gordon Creek. More importantly, the performance over the
past year has both validated our views and exceeded our expectations. We are
very much looking forward to continued improvement in the gas markets that will
lead to the implementation of our development plans." 


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 light oil 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.
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