Last C$5.65 CAD
Change Today -0.13 / -2.25%
Volume 47.8K
As of 9:56 AM 09/30/14 All times are local (Market data is delayed by at least 15 minutes).

storm resources ltd (SRX) Snapshot

Open
C$5.61
Previous Close
C$5.78
Day High
C$5.66
Day Low
C$5.56
52 Week High
09/8/14 - C$6.10
52 Week Low
10/11/13 - C$3.29
Market Cap
625.0M
Average Volume 10 Days
398.3K
EPS TTM
C$-0.25
Shares Outstanding
110.8M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for STORM RESOURCES LTD (SRX)

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storm resources ltd (SRX) Details

Storm Resources Ltd. acquires, explores for, develops, and produces oil, natural gas, and natural gas liquids in the provinces of Alberta and British Columbia, Canada. It owns interests in lands covering approximately an area of 98,000 net acres located in Umbach; and undeveloped lands covering approximately an area of 81,000 net acres situated in Horn River Basin, Northeast British Columbia. The company also has interest in the properties located in Grande Prairie Area, Northwest Alberta and Northeast British Columbia. In addition, it owns 100% working interest in 29 sections of undeveloped land in the Umbach-Nig area prospective for liquids-rich natural gas from the Montney formation of North Eastern British Columbia. The company has total proved plus probable reserves of 40,541 thousands of barrels of oil equivalent. Storm Resources Ltd. was incorporated in 2010 and is headquartered in Calgary, Canada.

Founded in 2010

storm resources ltd (SRX) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: C$196.8K
Chief Financial Officer
Total Annual Compensation: C$95.4K
Chief Operating Officer
Total Annual Compensation: C$190.8K
Vice President of Finance
Total Annual Compensation: C$190.8K
Compensation as of Fiscal Year 2013.

storm resources ltd (SRX) Key Developments

Storm Resources Ltd. Reports Unaudited Consolidated Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Production Guidance for the Fourth Quarter and Full Year of 2014; Provides Earnings Guidance for the Full Year of 2014

Storm Resources Ltd. reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company's revenue from product sales were $21,701,000 compared to $11,974,000 a year ago. Funds from operations was $11,076,000 compared to $5,077,000 a year ago. Funds from operations per share - diluted was $0.10 compared to $0.07 a year ago. Net income was $6,598,000 compared to $661,000 a year ago. Net income per share - diluted was $0.06 compared to $0.01 a year ago. Operations capital expenditures was $33,640,000 compared to $16,729,000 a year ago. For the six months, the company's revenue from product sales was $42,508,000 compared to $21,022,000 a year ago. Funds from operations was $19,736,000 compared to $8,304,000 a year ago. Funds from operations per share - diluted was $0.18 compared to $0.12 a year ago. Net income was $6,804,000 compared to $400,000 a year ago. Net income per share - diluted was $0.06 compared to $0.01 a year ago. Operations capital expenditures was $55,983,000 compared to $36,865,000 a year ago. For the second quarter, the company's production was 5,462 Boe per day (22% oil plus NGL), an increase of 58% from the same period last year and 8% from the previous quarter. The increase was due to growth from the Umbach property where production was 3,979 Boe per day in the second quarter which is 122% higher than a year ago and 12% higher than the previous quarter. NGL production was 762 barrels per day, a year-over-year increase of 278 Boe per day, or 57%. Increased NGL production was the result of production growth from the liquids-rich Montney formation at Umbach. Gas production - Thousand cubic feet per day was 25,506 compared to 15,098 a year ago. Oil Production - Barrels per day was 449 compared to 460 a year ago. For the six months, barrels of oil equivalent per day was 5,266 compared to 2,977 a yea ago. Gas production - Thousand cubic feet per day was 24,613 compared to 12,453 a year ago. NGL production - Barrels per day was 743 compared to 373 a year ago. Oil Production - Barrels per day was 420 compared to 528 a year ago. The company provided forecast fourth quarter average production to be in the range 8,900 Boe per day to 9,200 Boe per day compared to previously provided guidance range of 7,500 Boe per day to 7,900 Boe per day. The company provided forecast average annual production to be in the range 6,000 Boe per day to 6,700 Boe per day compared to previously provided guidance range of 5,500 Boe per day to 6,500 Boe per day. Adjusted net debt at the end of 2014 is forecast to be $50.0 to $55.0 million which would be approximately 0.9 times annualized funds from operations in the fourth quarter of 2014 (assuming commodity prices in the third and fourth quarters of 2014 are AECO $3.75 per GJ and Edmonton Par Cdn $94.00 per barrel).

Storm Resources Ltd. Reports Unaudited Consolidated Earnings and Production Results for the First Quarter Ended March 31, 2014; Reports Production Results for April 2014; Provides Production Guidance for the Second Quarter of 2014; Revises Production Guidance for the Fourth Quarter and Full Year 2014; Revises Capital Investment Guidance for 2014

Storm Resources Ltd. reported unaudited consolidated earnings and production results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue from product sales of CAD 20,807,000 against CAD 9,048,000 for the same period in the last year. Funds from operations were CAD 8,660,000 or CAD 0.08 per diluted share against CAD 3,227,000 or CAD 0.05 per diluted share for the same period in the last year. The increase in funds from operations was the result of growth at Umbach where the field operating netback was CAD 27.03 per Boe which is higher than the corporate average. Net income was CAD 206,000 against net loss of CAD 261,000 for the same period in the last year. Capital investment was CAD 110.4 million in the first quarter which included CAD 88.0 million for an asset acquisition at Umbach. Production in the 2014 first quarter was 5,068 Boe per day (22% oil plus NGL), an increase of 104% from 2,488 Boe per day the same period last year and 6% from the prior quarter. On a per-share outstanding at quarter end basis, the year-over-year increase was 15%. The increase resulted from growth at Umbach where first quarter production was 3,559 Boe per day which represents growth of 565% from the first quarter of 2013. NGL production was 725 barrels per day in the first quarter, a year-over-year increase of 178%. NGL production increased as a result of production growth from the liquids-rich Montney formation at Umbach. Production in April averaged 5,350 Boe per day based on field estimates. For the 2014 second quarter production is forecast to be 5,200 to 5,500 Boe per day. Corporate production will increase when the new field compression facility is operational at Umbach in September 2014. As a result of a higher forecast natural gas price and the recent changes to British Columbia's Deep Well Royalty Credit Program, Storm is increasing 2014 capital investment from CAD 78.0 million to CAD 97.0 million. The incremental capital will be invested at Umbach to drill an additional four Montney horizontal wells (4.0 net) and complete four Montney horizontal wells (3.6 net). The company expects average annual production of 6,000 Boe/d to 6,700 Boe/d against previous expectations of 5,500 Boe/d to 6,500 Boe/d. Forecast production for the fourth quarter of 2014 increases to 8,900 to 9,200 Boe per day which represents 90% growth on a year-over-year basis (55% growth on a per-share basis). The previous average production guidance was 7,500 to 7,900 Boe/d. Adjusted net debt at the end of 2014 is forecast to be CAD 57.0 million (including public company investments), which would be approximately 0.9 times annualized funds from operations in the fourth quarter of 2014 (assumes fourth quarter AECO CAD 3.75 per GJ and Edmonton Par CAD 87.00 per barrel).

Storm Resources Ltd. to Report Q1, 2014 Results on May 14, 2014

Storm Resources Ltd. announced that they will report Q1, 2014 results After-Market on May 14, 2014

 

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