Storm Takes On Additional British Columbia Assets

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
15MM
Description

Purchased 100% WI in assets in Mica area of NE BC featuring 7 producing wells, gaining 150 BOE/d, 719,000 BOE 2P.

Storm Resources Ltd., Calgary, (Toronto Venture: SRX) has closed the acquisitions of assets in the Mica area of north-east British Columbia from an undisclosed seller for C$15.4 million.

The assets feature 100% working interest on properties with seven producing wells. Production is approximately 150 barrels of oil equivalent per day. Proved and probable reserves are 719,000 barrels of oil equivalent (70% oil and gas liquids) with a total discovered petroleum initially in place of 7 million barrels of oil.

The drilling of six infill wells and the initiation of a waterflood could potentially lift production to 450 barrels equivalent per day. Future development capital associated with this activity is estimated to be $12.6 million.