Storm Resources Ltd. announced unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported revenue from product sales of CAD 18,461,000 compared to CAD 21,701,000 a year ago. Funds from operations were CAD 8,170,000 or CAD 0.07 per basic and diluted share compared to CAD 11,076,000 or CAD 0.10 per basic and diluted share a year ago. Net loss was CAD 4,191,000 or CAD 0.04 per basic and diluted share compared to net income of CAD 6,598,000 or CAD 0.06 per basic and diluted share a year ago. Operations capital expenditures were CAD 8,864,000 compared to CAD 33,640,000 a year ago. Funds from operations was CAD 9.31 per Boe, a year-over-year decrease of 58% with revenue per Boe declining by 52%, or CAD 22.59 per Boe, being partially offset by a cash hedging gain of CAD 2.02 per Boe. Capital investment totaled CAD 8.9 million with CAD 8.3 million for facilities and pipelines at Umbach.

For the six months, the company reported revenue from product sales of CAD 36,972,000 compared to CAD 42,508,000 a year ago. Funds from operations were CAD 21,882,000 or CAD 0.20 per basic and diluted share compared to CAD 19,736,000 or CAD 0.18 per basic and diluted share a year ago. Net loss was CAD 7,756,000 or CAD 0.07 per basic and diluted share compared to net income of CAD 6,804,000 or CAD 0.06 per basic and diluted share a year ago. Operations capital expenditures were CAD 44,544,000 compared to CAD 55,983,000 a year ago.

For the quarter, the company reported gas production of 46,391,000 cubic feet per day compared to 25,506,000 cubic feet per day a year ago. NGL production was 1,602 barrels per day compared to 762 barrels per day a year ago. Oil production was 323 barrels per day compared to 449 barrels per day a year ago.

For the six months, the company reported gas production of 47,049,000 cubic feet per day compared to 24,613,000 cubic feet per day a year ago. NGL production was 1,548 barrels per day compared to 743 barrels per day a year ago. Oil production was 326 barrels per day compared to 420 barrels per day a year ago.

For the fourth quarter of 2015, the company expects production of 11,000 ­ 12,000 Boe/d (19% oil + NGL) against previously expected production of 11,000 ­ 12,000 Boe/d (20% oil + NGL).

For the full year of 2015, the company expects production of 14,000 ­ 15,000 Boe/d (18% NGL) against previously expected production of 14,000 ­ 14,500 Boe/d (19% oil + NGL).

For the year 2015, the company raised capital budget to CAD 106 million from the previous spending plan of CAD 80 million. Total debt at the end of 2015 is forecast to be CAD 67.0 million.

For the fourth quarter of 2016, the company expects production of 20,000 ­ 21,000 Boe/d (17% NGL) against previously expected production of 16,000 ­ 19,000 Boe/d (17% oil + NGL).

For the full year of 2016, the company expects production of 16,000 ­ 19,000 Boe/d (17% oil + NGL).

For the year 2016, the company is estimating capital spending of CAD 106 million. Capital investment in 2016 will also be directed entirely to Umbach and will include: CAD 64.0 million for drilling and completions; CAD 24.0 million to construct a third facility which will include a condensate stabilizer for planned start-up in early May 2016.