Storm Resources Ltd. announced audited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported revenues from product sales of CAD 26,244,000 compared with CAD 14,480,000 for the same period a year ago. Funds from operations were CAD 11,985,000 or CAD 0.10 per basic and diluted share compared with CAD 9,182,000 or CAD 0.08 per basic and diluted share for the same period a year ago. Net loss was CAD 12,898,000 or CAD 0.11 per basic and diluted share compared with net income of CAD 1,850,000 or CAD 0.02 per basic and diluted share for the same period a year ago.

For the year, the company reported revenues from product sales of CAD 77,283,000 compared with CAD 67,736,000 for the same period a year ago. Funds from operations were CAD 34,380,000 or CAD 0.29 per basic and diluted share compared with CAD 39,046,000 or CAD 0.34 per basic and diluted share for the same period a year ago. Net loss was CAD 38,460,000 or CAD 0.32 per basic and diluted share compared with net loss of CAD 6,867,000 or CAD 0.06 per basic and diluted share for the same period a year ago.

For the quarter, the company reported gas production of 66,173,000 cubic feet per day compared with 53,147,000 cubic feet per day for the same period a year ago. NGL production was 910 barrels per day compared with 800 barrels per day for the same period a year ago. Condensate production was 1,381 barrels per day compared to 1,072 barrels per day a year ago.

For the year, the company reported gas production of 65,478,000 cubic feet per day compared with 48,656,000 cubic feet per day for the same period a year ago. NGL production was 1,003 barrels per day compared with 670 barrels per day for the same period a year ago. Condensate production was 1,303 barrels per day compared to 997 barrels per day a year ago.

The company production in the first quarter of 2017 is forecast to be 16,000 to 17,000 Boe per day (January and February averaged 16,500 Boe per day based on field estimates).

The company forecast fourth quarter production to be 18,000 Boe/d to 20,000 Boe/d compared to 18,000 Boe/d to 20,000 Boe/d in its previous guidance.

The company forecast annual production to be 16,500 Boe/d to 18,000 Boe/d compared to 16,500 Boe/d to 18,000 Boe/d in its previous guidance.