THE STORM ADVANTAGE
Storm Resources Ltd. is a new junior exploration and production company led by Brian Lavergne as President and CEO, Don McLean as CFO and Rob Tiberio as COO, along with other members of the Storm senior management team. Storm Resources Ltd. commenced operations on August 17, 2010 after certain assets were transferred to Storm as part of the Plan of Arrangement involving the sale of Storm Exploration Inc. to ARC Resources Ltd. The primary asset transferred to the new Storm entity was undeveloped lands totalling approximately 117,200 net acres in the Horn River Basin ("HRB"), Umbach and Cabin/Kotcho/Junior areas in north eastern British Columbia, plus undeveloped land in the Red Earth area of Alberta. In addition, Storm Resources Ltd. retained share ownership positions in Storm Gas Resource Corp., Bellamont Exploration Ltd., Bridge Energy Norge ASA and Chinook Energy Inc.
On January 12, 2012 Storm acquired Storm Gas Resource Corp. and on March 23, 2012 Storm acquired Bellamont Exploration Ltd. Storm Gas was a strategic consolidation giving Storm 100% working interest in the Horn River Basin resource. The Bellamont acquisition adds light oil and cash flow to advance our Umbach initiative.
Storm's efforts in the near term will be on advancing exploitation of the liquids-rich Montney natural gas resource on its large land position at Umbach. Longer term, Storm continues to retain significant leverage to an improvement in natural gas prices through our position in the Muskwa and Otter Park shales of the Horn River Basin.