Balance Sheet 20-Sep-11 Assets Capital Assets Mineral Poperties Total Liabilities Asset Retirement Obligation Total Recovery

Senior Creditors Debt Obligation Royalty Agreement (Sandstorm) Royalty Agreement (Sandstorm) Debt Oglibation Debt Oglibation Deffered Revenue (Sandstorm) Total Subordinated Bank Loan Debt Obligation Debt Oglibation (Sandstorm) Convertible Debentures 12,021,643 13,179,198 25,200,841

Weight

75% 25% 48.9%

9,016,232 3,294,800 12,311,032

358,961 358,961

100%

358,961 358,961 11,952,071

2,877,733 1,649,076 3,157,628 39,795 20,436 10,667,419 18,412,087

Recovery % Recovery $ 65% 1,868,059 65% 1,070,486 65% 2,049,751 65% 25,833 65% 13,266 65% 6,924,677 11,952,071

91,393 3,000,000 8,248,271

0% 0% 0% 0%

10,044,913 54% 8,429,210 54% 65% 69%

Total Sandstorm Recovery Recovery on total investment and accrued interest: Tax Asset

Recovery of total senior investment and accured interest: Recovery of Initial Senior Investment:

Key Assumptions

18,474,123 15,474,123 14,500,000

http://www.novadx.com/images/stories/findocs/Financial_Statements_December_31_2011.pdf

Balance Sheet Weight 31-Dec-11 Assets Reclamation Deposits Note Receivable Capital Assets Mineral Properties Total Liabilities Account Payable Bank Loan Debentures Asset Retirement Obligation Total Recovery Senior Long term debt Royalty Agreement (Sandstorm) Total Subordinated Bank Loan Debt Obligation Convertible Debentures Total Sandstorm Recovery Recovery on total investment: Loss: Tax Asset: 1,168,699 2,000,000 11,791,140 8,044,232 23,004,071 100% 1,168,699 0% 75% 8,843,355 85% 6,837,597 73.2% 16,849,651

2,106,937 31,251 609,978 352,292 3,100,458

0% 100% 100% 100%

31,251 609,978 352,292 993,521 15,856,130

Recovery % Recovery $ 1,060,983 51% 543,856 29,872,000 51% 15,312,274 30,932,983 15,856,130

2,033,104

0% 0% 0%

15,312,274 51.3% 14,559,726

ents_December_31_2011.pdf

Key Assumptions

Pledged letters of credit for future reclamation costs secured by CDs Connected to Ikerd transaction, portion already written off as uncollectable

Secured by a CD Secured by certain assets

Balance Sheet Weight 30-Nov-11 Assets Property, plant, and equip Total Liabilities Asset Retirement Obligation Total Recovery Senior Long term debt Royalty Agreement (Sandstorm) Total Total Sandstorm Recovery Recovery on total investment: Tax Asset 18,548,346 18,548,346

Key Assumptions

100% 18,548,346 Connected to Ikerd transaction, port 100.0% 18,548,346

296,190 296,190

100%

296,190 296,190 18,252,156

Recovery % Recovery $ 100% 17,018,700 100% 17,018,700 17,018,700 17,018,700 17,018,700 100.0% -

ey Assumptions

onnected to Ikerd transaction, portion already written off as uncollectable

$ in thousands http://www.terrexenergy.ca/images/stories/Information_Centre/FinancialReports/q1_2012.pdf#zoom=100 Balance Sheet Weight 31-Mar-12 Assets Exploration and evaluation assets PP&E, net Total Liabilities Asset Retirement Obligation Total Recovery Senior Long term debt Royalty Agreement (Sandstorm) Total Total Sandstorm Recovery Recovery on total investment: Tax Asset 15,181 8,771 23,952 50% 75% 59.2% 7,591 6,578 14,169

3,742 3,742

100%

3,742 3,742 10,427

Recovery % Recovery $ 74% 14,130 74% 10,427 14,130 10,427 10,427 73.8% 3,703

nancialReports/q1_2012.pdf#zoom=100 Key Assumptions

http://www.thunderbirdenergy.net/i/pdf/FS_YE_2011.pdf Balance Sheet Weight 31-Mar-12 Assets Capital Assets Oil and gas property Total Liabilities Asset Retirement Obligation Total Recovery Senior Long term debt Royalty Agreement (Sandstorm) Total Total Sandstorm Recovery Total recovery on investment: Tax Asset 46,426 9,230,661 9,277,087 75% 85% 84.9% 34,820 7,846,062 7,880,881

215,003 215,003

100%

215,003 215,003 7,665,878

Recovery % Recovery $ 6,232,938 25% 1,529,825 25,000,000 25% 6,136,053 31,232,938 7,665,878 6,136,053 24.5% 18,863,947

Key Assumptions

THUNDERBIRD ENERGY CORP. Consolidated Balance Sheets

As at January 31, 2011 and 2010

ASSETS CURRENT Cash Accounts receivable Prepaid expenses and deposits

RESTRICTED CASH [note 4] PROPERTY AND EQUIPMENT [note 5]

LIABILITIES CURRENT Accounts payable and accrued liabilities Due to related parties [note 13] Convertible debentures [note 7] Short-term debt [note 8]

ASSET RETIREMENT OBLIGATION [note 6] LONG-TERM DEBT [note 9]

SHAREHOLDERS EQUITY Common shares [note 10] Warrants [note 10] Equity portion of convertible debentures Contributed surplus [note 10] Accumulated other comprehensive loss Deficit

NATURE OF OPERATIONS AND GOING CONCERN [note 1] COMMITMENTS [note 15] Approved on Behalf of the Board: Cameron White Cameron White, Director Stephen Cheikes Stephen Cheikes, Director

ORP.

2011

2010

62,810 329,437 116,765 509,012 120,180 9,277,087 9,906,279

24,783 548,256 35,897 608,936 128,508 10,042,377 10,779,821

1,049,288 299,674 515,000 307,348 2,171,310 215,003 6,232,938 8,619,251

1,053,652 849,060 1,924,392 4,759,716 8,586,820 212,394 8,799,214

19,249,903 1,586,725 42,292 3,902,983 (563,973) (22,930,902) 9,906,279 $

18,575,047 164,241 3,425,973 (158,755) (20,025,899) 10,779,821

CERN [note 1]

kes s, Director

Asset Recovery Scenario 1 Sandstorm Cash Royal Coal Novadx Donner Terrex Thunderbird Total: Value per share:

Capital Assets $ $ $ $ $ $ $ $ 40,585,000 10,044,913 15,312,274 17,018,700 10,426,750 6,136,053 99,523,690 0.313 75% 75% 100% 75% 75%

Property 25% 85% 100% 50% 85%

Asset Recovery Scenario 2 Sandstorm Cash Royal Coal Novadx Donner Terrex Thunderbird Total: Value per share:

Capital Assets $ $ $ $ $ $ $ $ 40,585,000 10,044,913 15,312,274 45,152,002 10,426,750 39,375,000 160,895,939 0.506 75% 75% N/A 75% 75%

Property 25% 85% N/A 50% 85%

Asset Recovery Scenario 3 Sandstorm Cash Royal Coal Novadx Donner Terrex Thunderbird Total: Value per share:

Capital Assets $ $ $ $ $ $ $ $ 40,585,000 10,044,913 73,605,814 54,182,402 10,426,750 47,250,000 236,094,879 0.742 75% N/A N/A 75% 75%

Property 25% N/A N/A 50% 85%

Asset Recovery Scenario 4 Sandstorm Cash Royal Coal Novadx Donner

Capital Assets $ $ $ $ 40,585,000 10,044,913 81,784,238 60,202,669 75% N/A N/A

Property 25% N/A N/A

Terrex Thunderbird Total: Value per share:

$ $ $ $

10,426,750 52,500,000 255,543,570 0.804

75% N/A

50% N/A

Tax Assets (undiscounted) Tax Rate

14,649,805 35%

Other Seniors

10,231,885

Cash & Equiv. 0% 0% 0% 0% 0%

CF (2014)

Multiple

$ $

6,020,267 5,250,000

7.5x 7.5x

CF (2014)

Multiple

$ $ $

8,178,424 6,020,267 5,250,000

9.0x 9.0x 9.0x

Notes Did not give any value to current assets No value given for tax assets created by Sa Asset retirement obligations represent the Did not consider current liabilities or subo Actual asset values may differ materially f

CF (2014)

Multiple

Catalysts for revaluation 1. Royal Coal recovery providing validation 2. New stream deal(s) with current cash 3. Additional financing secured by Novadx 4. Donner production / cash flow in early

$ $

8,178,424 6,020,267

10.0x 10.0x

5,250,000 194,486,907 $ 0.76

10.0x

Stream Royal Coal Donner Terrex Thunderbird

Balance Sheet Value Recovery % Capital Assets Property Capital Assets Property 12021643 13179198 18548346

Other senior debt includes ARO

Stream Capital Assets Property Other Asset Retirement Obligation (ARO) Sandstorm Other Senior Creditors

Royal Coal

Novadx

Donner

Terrex

not give any value to current assets alue given for tax assets created by Sandstorm losses t retirement obligations represent the present value of expected future restoration costs not consider current liabilities or subordinated debt al asset values may differ materially from those recorded on the balance sheet

ysts for revaluation yal Coal recovery providing validation of deal strcuture and clarification on recovery values ew stream deal(s) with current cash ditional financing secured by Novadx, Terrex, and/or Thunderbird onner production / cash flow in early 2013

Recovery $ Capital Assets Property Total

Sandstorm

All Others

Senior Creditors Total Recovery Rate

Thunderbird

ors Sandstorm Recovery