Storm Resources Ltd. announced unaudited consolidated earnings and operating results for the third quarter and nine months ended Sep. 30, 2018. For the quarter, the company reported revenue from product sales were CAD 51,253,000 compared to CAD 31,719,000 a year ago. Funds flow was CAD 22,227,000 or CAD 0.18 per basic and diluted share compared to CAD 13,170,000 or CAD 0.11 per basic and diluted share a year ago. Net income was CAD 7,174,000 or CAD 0.06 per basic and diluted share compared to CAD 682,000 or CAD 0.01 per basic and diluted share a year ago. Capital expenditures were CAD 21,845,000 compared to CAD 23,895,000 a year ago.

For the nine months, the company reported revenue from product sales were CAD 151,459,000 compared to CAD 109,373,000 a year ago. Funds flow was CAD 69,151,000 or CAD 0.57 per basic and diluted share compared to CAD 42,757,000 or CAD 0.35 per basic and diluted share a year ago. Net income was CAD 13,253,000 or CAD 0.11 per basic and diluted share compared to CAD 31,065,000 or CAD 0.26 per basic and diluted share a year ago. Capital expenditures were CAD 47,663,000 compared to CAD 55,559,000 a year ago.

For the quarter, the company reported revenue from product sales per BOE was CAD 27.24 compared to CAD 22.68 a year ago. Production per BOE was CAD 5.54 compared to CAD 6.03 a year ago. Funds from operations per BOE were CAD 11.81 compared to CAD 9.41 a year ago. Barrels of oil equivalent per day were 20,455 compared to CAD 15,193 a year ago. Natural gas production was 101,905 thousand cubic feet per day compared to 74,318 thousand cubic feet per day a year ago. NGL production was 1,412 barrels per day compared to 1,206 barrels per day a year ago. Condensate production was 2,059 barrels per day compared to 1,600 barrels per day a year ago.

For the nine months, revenue from product sales per BOE was CAD 27.88 compared to CAD 26.07 a year ago. Production per BOE was CAD 5.52 compared to CAD 6.17 a year ago. Funds from operations per BOE were CAD 12.72 compared to CAD 10.20 a year ago. Barrels of oil equivalent per day were 19,900 compared to CAD 15,371 a year ago. Natural gas production was 98,154 thousand cubic feet per day compared to 75,537 thousand cubic feet per day a year ago. NGL production was 1,506 thousand cubic feet per day compared to 1,173 thousand cubic feet per day a year ago. Condensate production was 2,035 barrels per day compared to 1,608 barrels per day a year ago.

For the fourth quarter of 2018, production is forecast to be 19,000 to 21,000 Boe per day with production to date averaging 19,300 Boe per day based on field estimates which include three days with no production due to outages at the McMahon Gas Plant and the Enbridge T-south pipeline failure on October 9th.  The company expects capital investment to be CAD 37 million which includes CAD 11 million for the Nig Gas Plant. 
For the full year of 2018, production is forecasted to be 19,500 – 20,500 Boe per day compared to prior guidance of 20,000 - 20,500 Boe per day. Estimated annual funds flow will be CAD 90.0 million - CAD 96.0 million compared to prior guidance of CAD 85.0 million - CAD 90.0 million. Estimated capital investment (excluding A&D) will be CAD 85.0 million compared to prior guidance of CAD 80.0 million.

For the fourth quarter of 2019, production is forecasted to be 23,000 – 25,000 Boe per day.

For the full year of 2019, production is forecasted to be 21,000 – 24,000 Boe per day. Estimated capital investment (excluding A&D) will be CAD 128.0 million. Estimated annual funds flow will be CAD 72.0 million - CAD 88.0 million.