Last C$4.88 CAD
Change Today +0.23 / 4.95%
Volume 135.5K
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As of 3:59 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

storm resources ltd (SRX) Snapshot

Open
C$4.83
Previous Close
C$4.65
Day High
C$4.89
Day Low
C$4.62
52 Week High
10/1/14 - C$6.17
52 Week Low
01/19/15 - C$3.00
Market Cap
543.3M
Average Volume 10 Days
196.2K
EPS TTM
C$-0.23
Shares Outstanding
111.3M
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

President, Chief Executive Officer, and Direc...
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 Audited Consolidated Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Capital Investment Guidance for the First Quarter of 2015 and Revises Capital Expenditure Guidance for the Full Year 2015; Provides Production Guidance for the Month of January, First Quarter, Fourth Quarter and Full Year 2015

Storm Resources Ltd. reported audited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenue from product sales of CAD 28,070,000 compared to CAD 15,380,000 a year ago. Funds from operations were CAD 13,892,000 or CAD 0.12 per diluted share compared to CAD 7,501,000 or CAD 0.09 per basic and diluted share a year ago. Net loss was CAD 7,422,000 or CAD 0.07 per basic and diluted share compared to CAD 25,174,000 or CAD 0.34 per basic and diluted share a year ago. Operations capital expenditures was CAD 20,219,000 compared to CAD 11,380,000 a year ago. For the year, the company reported revenue from product sales of CAD 95,480,000 compared to CAD 49,578,000 a year ago. Funds from operations were CAD 45,412,000 or CAD 0.41 per diluted share compared to CAD 21,949,000 or CAD 0.30 per basic and diluted share a year ago. Net income was CAD 4,855,000 or CAD 0.04 per basic and diluted share compared to net loss of CAD 26,203,000 or CAD 0.36 per basic and diluted share a year ago. Operations capital expenditures was CAD 106,604,000 compared to CAD 67,410,000 a year ago. Acquisitions and dispositions was CAD 14,966,000. For the quarter, the company's production was 10,173 Boe per day (20% oil plus NGL), an increase of 69% on a per-share basis from the previous year. The increase was the result of growth at Umbach where fourth quarter production was 8,775 Boe per day, an increase of 169% from 3,262 Boe per day in the fourth quarter of 2013. NGL production was 1,605 barrels per day in the fourth quarter, year-over-year growth of 131%. The increase was the result of production growth from the liquids-rich Montney formation at Umbach where NGL recovery was 35 barrels per Mmcf sales in the fourth quarter. For the year, the company's production averaged 6,980 Boe per day (21% oil plus NGL), a per-share increase of 51% from 2013. For the first quarter of 2015, capital investment is expected to total CAD 35.0 to CAD 38.0 million. For the year 2015, the company now expects due to the recent decline in oil and natural gas prices, operations capital expenditures will be reduced to $80.0 million from $110.0 million. For the month of January 2015, production averaged 10,060 Boe per day. For the first quarter of 2015, production is forecast to be 9,500 to 10,000 Boe per day which includes three to five days of downtime at Umbach for piping connections associated with the expansion of the second field compression facility. For the fourth quarter of 2015, the company now expects production guidance of 14,000 Boe per day to 14,500 Boe per day. For the year 2015, the company now expects production guidance of 11,000 Boe per day to 12,000 Boe per day against previously expected of 11,500 Boe per day to 12,700 Boe per day.

Storm Resources Ltd. expected to report Fiscal Year 2014 results on February 27, 2015. This event was calculated by Capital IQ (Created on November 15, 2014).

Storm Resources Ltd. expected to report Fiscal Year 2014 results on February 27, 2015. This event was calculated by Capital IQ (Created on November 15, 2014).

Storm Resources Ltd. Reports Unaudited Consolidated Earnings and Operating Results for the Third Quarter and Nine Months Ended September 30, 2014; Revised Production and Financial Guidance for the Fourth Quarter and Full Year of 2014; Provides Production Guidance for the Fourth Quarter and Production and Financial Guidance for the Full Year of 2015; Reports Production Results for the Month of October 2014

Storm Resources Ltd. reported unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue from product sales of CAD 24,902,000 compared to CAD 13,177,000 for the same period of last year. Operations capital expenditures were CAD 30,426,000 compared to CAD 23,717,000 for the same period of last year. Net income was CAD 5,473,000 or CAD 0.05 per diluted share compared to net loss of CAD 1,429,000 or CAD 0.02 per diluted share for the same period of last year. Funds from operations were CAD 11,784,000 compared to CAD 6,144,000 for the same period of last year. Funds from operations per diluted share was CAD 0.11 compared to CAD 0.08 for the same period of last year. For the nine months, revenue from product sales was CAD 67,410,000 compared to CAD 34,198,000 for the same period of last year. Operations capital expenditures were CAD 86,385,000 compared to CAD 60,559,000 for the same period of last year. Net income was CAD 12,277,000 or CAD 0.11 per diluted share compared to net loss of CAD 1,029,000 or CAD 0.01 per diluted share for the same period of last year. Funds from operations were CAD 31,520,000 compared to CAD 14,448,000 for the same period of last year. Funds from operations per diluted share was CAD 0.29 compared to CAD 0.2 for the same period of last year. For the quarter, the company's production was 7,160 Boe per day (22% oil plus NGL), an increase of 88% from 3,800 Boe per day for the same period last year. On a per-share basis, the year-over-year increase was 31% using common shares outstanding at the end of each period. The increase was the result of growth at the Umbach property where third quarter production was 5,823 Boe per day which is 168% higher than a year ago and 46% higher than the previous quarter. NGL production was 1,154 barrels per day, a year-over-year increase of 554 Boe per day, or 92% from 600 barrels per day reported a year ago. Increased NGL production was the result of production growth from the liquids-rich Montney formation at Umbach where recovery was 39 barrels per Mmcf sales in the third quarter. With 62% of the NGL mix being condensate plus pentanes, the NGL price of CAD 73.09 per barrel was 75% of the average Edmonton Par light oil price. Gas production was 33,674,000 cubic feet per day compared to 16,458,000 cubic feet per day reported a year ago. Oil production was 394 Barrels per day compared to 458 Barrels per day reported a year ago. For the nine months, the company's production was 5,904 Boe per day compared to 3,255 Boe per day for the same period last year. NGL production was 882 barrels per day compared to 450 barrels per day reported a year ago. Gas production was 27,667,000 cubic feet per day compared to 13,803,000 cubic feet per day reported a year ago. Oil production was 412 Barrels per day compared to 504 Barrels per day reported a year ago. Production in October was more than 10,500 Boe per day based on field estimates. For the fourth quarter of 2014, production is expected to be 10,500 Boe per day which is higher than previous guidance range of 8,900 Boe per day to 9,200 Boe per day and represents year-over-year growth of 70% on a per-share basis. For the fourth quarter of 2014, operations capital expenditures will increase by CAD 8.0 million with CAD 3.5 million to purchase equipment to expand the second field compression facility at Umbach and CAD 4.5 million to drill an additional two horizontal wells in December 2014. Total debt at the end of 2014 is forecast to be approximately CAD 59.0 million which would be approximately 0.9 times annualized funds from operations in the fourth quarter of 2014 (assuming commodity prices in the fourth quarter of 2014 are AECO CAD 3.50 per GJ and Edmonton Par CAD 88.00 per barrel). For 2014, the company estimated operations capital (excluding acquisitions & dispositions) of CAD 105.0 million compared to previous guidance of CAD 97.0 million. For 2014, the company expects production of 7,000 Boe per day compared to previous guidance range of 6,000 Boe per day to 6,700 Boe per day. Guidance for 2015 includes operations capital expenditures of CAD 110.0 million with forecast fourth quarter production averaging 14,000 to 14,500 Boe per day (year-over-year growth of 35% on a per-share basis). Forecast of 2015 annual production of 11,500 to 12,700 Boe per day assumes Umbach South is shut in for approximately 3 weeks during June 2015 for a scheduled maintenance turnaround at the McMahon Gas Plant (reduces production in the second quarter of 2015 to approximately 10,400 Boe per day). At Umbach South, CAD 41.0 million will be invested to further expand infrastructure including CAD 2.5 million for pipelines, CAD 9.5 million to expand the second field compression facility, CAD 4.9 million for a condensate stabilizer plus other equipment at the second field compression facility, and CAD 24.0 million to construct a third field compression facility. Total debt is forecast to be CAD 95.0 to CAD 100.0 million at the end of 2015 which would be approximately 1.2 times annualized funds from operations in the fourth quarter of 2015 (assuming commodity prices in 2015 average AECO CAD 3.25 per GJ and Edmonton Par CAD 83.00 per barrel).

 

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