Storm Energy Ltd is a Calgary based junior oil and gas company with a market capitalization $160 million and current production volumes approximating 5,000 Boe/day (6:1). The company also has a land inventory of approximately 330,000 net undeveloped acres. The company is a successor corporation to Storm Energy Inc. which, prior to the corporate reorganization described below, had a production base of 12,000 Boe/day. Recent history of Storm goes back to 1998 when the current management team took control of and recapitalized the predecessor company. Management successfully provided sustained increases in production, asset value, cash flow and earnings of Storm Energy Inc. from an initial production base of less than 2,000 Boe/day until the reorganization in August, 2002. The same management group has continued with Storm Energy Ltd. Since the reorganization in 2002, production in new Storm has grown from 3,200 Boe/day to current levels. Storm's senior management employs a proven growth strategy based on a long history of successful exploration, operational and financial results achieved over a number of years growing a previous emerging oil and gas companies into intermediate oil and gas producers. This strategy includes: Generating prospects internally. Concentrating activities in areas of technical and operational expertise. Operating where at all possible, with as high a working interest as possible. Aggressively producing reserves to maximize cash flow for reinvestment. Maintaining financial disciplines to ensure financial flexibility through all commodity price cycles. The principal area of operations of the company is the Red Earth area of north central Alberta, approximately 125 kilometers northeast of the town of Peace River, where the company produces light sweet crude under a low operating cost structure. The company maintains a substantial prospect inventory in the area. The company also has increasing volumes of gas and liquids production in north eastern B.C. and in west central Alberta along with inventories of prospects and undeveloped land in both areas. Storm successfully completed the corporate reorganization described in the company's Information Circular dated July 16, 2002. The successor entities to Storm Energy Inc (SME -TSX), Storm Energy Ltd and Focus Energy Trust, are both listed on The Toronto Stock Exchange, the trading symbols being SEM and FET.UN respectively.
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