CALGARY, ALBERTA–(Marketwired – July 15, 2015) – STORM RESOURCES LTD. (“Storm” or the “Company“) (TSX VENTURE:SRX) is pleased to announce the successful closing of the disposition of properties in the Grande Prairie area of northwest Alberta, as announced on May 29, 2015. In the first quarter of 2015, production from these properties averaged 727 Boe per day (52% light oil plus natural gas liquids).
The effective date of the transaction is July 1, 2015. Proceeds from the disposition amounting to $24.0 million, prior to closing adjustments, will be used by the Company to reduce bank indebtedness. In connection with this disposition, the Company’s syndicated bank facility will be reduced to $140.0 million.
Storm’s remaining Alberta asset consists of one property in the Valhalla area which produced 189 Boe per day in Q1 2015 (94% natural gas).
Storm Resources Ltd. began operations in August 2010. Storm is headquartered in Calgary, Alberta and is primarily active in the Umbach and Horn River Basin areas of northeast British Columbia.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Storm Resources Ltd.
Brian Lavergne
President and Chief Executive Officer
(403) 817-6145
Storm Resources Ltd.
Donald McLean
Chief Financial Officer
(403) 817-6145
Storm Resources Ltd.
Carol Knudsen
Manager, Corporate Affairs
(403) 817-6145
www.stormresourcesltd.com