News Feed Item

Storm Resources Ltd. Provides Clarification to Information Provided in January 23, 2014 Press Release Announcing Acquisition of Land in Montney Formation of Umbach-Nig Area of North Eastern BC

CALGARY, ALBERTA -- (Marketwired) -- 02/05/14 -- Storm Resources Ltd. (TSX VENTURE: SRX) ("Storm") wishes to clarify certain information disclosed in the January 23, 2014 press release regarding the acquisition of a 100% working interest in 29 sections of land in the Umbach-Nig area (the "Acquisition"). The Acquisition closed on January 31, 2014.

The clarifications relate to estimated DPIIP and recovery of estimated DPIIP which were provided in the section entitled "Details and Rationale for the Transaction" and are clarified as follows:

--  The DPIIP in the upper Montney formation for the 29 sections of land
    acquired is estimated by Storm management to be 1.6 Tcf based on data
    from existing wells on the 29 sections (seven vertical wells plus two
    horizontal wells producing from the Montney formation). Using the data
    from the existing wells, Storm management estimates that the upper
    Montney formation is 52 metres thick, has average porosity of 6%, and a
    reservoir pressure of 18,000 to 23,000 kPa (represents 21% of Storm's
    entire land position in the Umbach-Nig area).

--  The allocation of the purchase price is 11% to acquire cash flow and
    reserves associated with the two producing Montney horizontal wells, 30%
    for 20 sections of undeveloped land, and 59% for nine sections of land
    where Storm management estimates 35 horizontal wells remain to be
    drilled in the upper Montney formation based on the data from existing
    wells on the nine sections (three vertical wells plus one horizontal
    well producing from the upper Montney formation). This assumes four
    horizontal wells are drilled per section which would recover 32% of
    DPIIP on the nine sections if recovery from each horizontal well is
    similar to the five Montney horizontal wells drilled by Storm in 2013 on
    the adjacent Umbach South lands where ultimate recovery is estimated by
    Storm management to be 4.4 Bcf gross raw gas for each horizontal well.


Boe Presentation - For the purpose of calculating unit revenues and costs, natural gas is converted to a barrel of oil equivalent ("Boe") using six thousand cubic feet ("Mcf") of natural gas equal to one barrel of oil unless otherwise stated. Boe may be misleading, particularly if used in isolation. A Boe conversion ratio of six Mcf to one barrel ("Bbl") is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All Boe measurements and conversions in this report are derived by converting natural gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil. Mmcf means 1,000 Mcf. Tcf means 1,000 Mmcf.

Discovered-Petroleum-Initially-in-Place ("DPIIP") - is defined in the Canadian Oil and Gas Evaluation Handbook (COGEH) as the quantity of hydrocarbons that are estimated to be in place within a known accumulation. DPIIP is divided into recoverable and unrecoverable portions, with the estimated future recoverable portion classified as reserves and contingent resources. There is no certainty that it will be economically viable or technically feasible to produce any portion of this DPIIP except for those portions identified as proved or probable reserves.

Forward-Looking Statements - The information in this press release contains certain forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. In particular, and without limitation, forward-looking statements in this press release includes, but is not limited to: ultimate recovery factors, planned drilling and development activities, the potential number of drilling locations at Storm's properties, estimates of Montney formation thickness, the number of wells to be drilled per section, porosity, reservoir pressure, anticipated benefits from the Acquisition, capital efficiencies and commodity prices. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Storm's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions, reserves, undeveloped lands and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and obtaining required approvals of regulatory authorities. The intended use of proceeds of the financings by Storm may change if the board of directors of Storm determines that it would be in the best interests of Storm to deploy the proceeds for some other purpose. Storm's actual results, performance or achievement could differ materially from those expressed in or implied by such forward-looking statements and, accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits Storm will derive from them.

Analogous Information - Certain information in this press release may constitute "analogous information" as defined in National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"), including, but not limited to, information relating to the areas in geographical proximity to the properties acquired in the Acquisition and production information related to wells that are believed to be on trend with the such properties. Management of Storm believes the information is relevant as it helps to define the characteristics of the properties in which Storm holds an interest pursuant to the Acquisition. Storm is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor. Such information is not an estimate of the reserves or resources attributable to lands held or to be held by Storm and there is no certainty that the data and economics information for the lands acquired by Storm will be similar to the information presented herein. The reader is cautioned that the data relied upon by Storm may be in error and/or may not be analogous to such lands to be held by Storm.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of Storm are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.SEDAR.com) and on Storm's website (www.stormresourcesltd.com). The forward-looking statements contained in this press release are made as of the date hereof and Storm undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.


Storm Resources Ltd.
Brian Lavergne
President and CEO

Storm Resources Ltd.
Donald G. McLean

Storm Resources Ltd.
Carol Knudsen
Manager, Corporate Affairs

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, discussed how the ability to access and analyze the massive volume of streaming data from millio...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Successful digital transformation requires new organizational competencies and capabilities. Research tells us that the biggest impediment to successful transformation is human; consequently, the biggest enabler is a properly skilled and empowered workforce. In the digital age, new individual and collective competencies are required. In his session at 19th Cloud Expo, Bob Newhouse, CEO and founder of Agilitiv, will draw together recent research and lessons learned from emerging and established ...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and microservices. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your conta...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
SYS-CON Events announced today that Streamlyzer will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Streamlyzer is a powerful analytics for video streaming service that enables video streaming providers to monitor and analyze QoE (Quality-of-Experience) from end-user devices in real time.
DevOps theory promotes a culture of continuous improvement built on collaboration, empowerment, systems thinking, and feedback loops. But how do you collaborate effectively across the traditional silos? How can you make decisions without system-wide visibility? How can you see the whole system when it is spread across teams and locations? How do you close feedback loops across teams and activities delivering complex multi-tier, cloud, container, serverless, and/or API-based services?
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here