Storm Resources Ltd. Announces Closing of Acquisition in the Montney Formation of the Umbach-Nig Area of North Eastern Britis...
January 31 2014 - 12:58PM
Marketwired
Storm Resources Ltd. Announces Closing of Acquisition in the
Montney Formation of the Umbach-Nig Area of North Eastern British
Columbia
CALGARY, ALBERTA--(Marketwired - Jan 31, 2014) - Storm Resources
Ltd. ("Storm") (TSX-VENTURE:SRX) is pleased to announce the
successful closing of the previously announced acquisition of a
100% working interest in 29 sections of land in the Umbach-Nig area
prospective for liquids rich natural gas from the Montney formation
(the "Acquisition"). Included in the Acquisition are two horizontal
wells producing from the Montney formation. The total cost of the
Acquisition was approximately $87.9 million, which consisted of
approximately $30.0 million in cash and 13.6 million common shares
("Common Shares") of Storm with a deemed value of $4.25 per Common
Share, being the closing price of the Common Shares on the TSX
Venture Exchange on January 30, 2014.
Closing of the previously announced bought deal financing and
non-brokered private placement of Common Shares is still expected
to occur on or about February 14, 2014.
READER ADVISORIES
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:
working capital, debt, average production, reserves, undeveloped
land holdings, ultimate recover factors, planned drilling and
development activities, the potential number of drilling locations
at Storm's properties, estimated 2014 exit rate production,
estimated 2014 capital expenditures, anticipated benefits from the
Acquisition, the use of proceeds of the financings, the anticipated
closing date of the Acquisition and financings, shareholder meeting
dates, Storm's facilities and expansions and timing thereof,
capital efficiencies, the receipt of required regulatory and third
party approvals, Storm's capital program, production, production
guidance, drilling plans 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, including the approval of the TSX Venture Exchange.
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.
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.
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 LavergnePresident and
CEO403-817-6145Storm Resources Ltd.Donald G.
McLeanCFO403-817-6145Storm Resources Ltd.Carol KnudsenManager,
Corporate Affairs403-817-6145www.stormresourcesltd.com
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