2010-03-10-2009-12-28-2010-03-01

Bought Alberta assets, gaining 5,240 BOE/d, 10.5 MMBOE proved.

Privately held, Calgary-based Storm Ventures International Inc. has closed its acquisition of west-central Alberta oil and gas assets from Provident Energy Trust, Calgary, (Toronto: PVE; NYSE: PVX) for C$190 million.

The deal valued proved reserves at C$18.15 per barrel equivalent and proved and probable reserves at C$13.01 per barrel equivalent. Total proved reserves are 10.5 million barrels of oil equivalent as of Sept. 30, 2009 and proved and probable reserves are approximately 14.6 million barrels equivalent.

Production in January 2010 was 5,240 barrels of oil equivalent per day (70% gas).

Storm used proceeds of C$150 million from a private placement to finance the acquisition.

FirstEnergy Capital Corp. was financial advisor to Storm.

Storm president and chief executive Matthew Brister says, "The west-central Alberta properties we acquired provide us with a low decline asset with gas exploitation upside and good facility exposure in a prolific producing fairway. We will use this transaction as a nucleus to develop a core area that we can augment with additional acquisitions and exploration led growth as gas prices recover."