Storm Resources Ltd. reported audited consolidated earnings and production results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenue from product sales of CAD 28,070,000 compared to CAD 15,380,000 a year ago. Funds from operations were CAD 13,892,000 or CAD 0.12 per diluted share compared to CAD 7,501,000 or CAD 0.09 per basic and diluted share a year ago. Net loss was CAD 7,422,000 or CAD 0.07 per basic and diluted share compared to CAD 25,174,000 or CAD 0.34 per basic and diluted share a year ago. Operations capital expenditures was CAD 20,219,000 compared to CAD 11,380,000 a year ago.

For the year, the company reported revenue from product sales of CAD 95,480,000 compared to CAD 49,578,000 a year ago. Funds from operations were CAD 45,412,000 or CAD 0.41 per diluted share compared to CAD 21,949,000 or CAD 0.30 per basic and diluted share a year ago. Net income was CAD 4,855,000 or CAD 0.04 per basic and diluted share compared to net loss of CAD 26,203,000 or CAD 0.36 per basic and diluted share a year ago. Operations capital expenditures was CAD 106,604,000 compared to CAD 67,410,000 a year ago. Acquisitions and dispositions was CAD 14,966,000.

For the quarter, the company's production was 10,173 Boe per day (20% oil plus NGL), an increase of 69% on a per-share basis from the previous year. The increase was the result of growth at Umbach where fourth quarter production was 8,775 Boe per day, an increase of 169% from 3,262 Boe per day in the fourth quarter of 2013. NGL production was 1,605 barrels per day in the fourth quarter, year-over-year growth of 131%. The increase was the result of production growth from the liquids-rich Montney formation at Umbach where NGL recovery was 35 barrels per Mmcf sales in the fourth quarter.

For the year, the company's production averaged 6,980 Boe per day (21% oil plus NGL), a per-share increase of 51% from 2013.

For the first quarter of 2015, capital investment is expected to total CAD 35.0 to CAD 38.0 million.

For the year 2015, the company now expects due to the recent decline in oil and natural gas prices, operations capital expenditures will be reduced to CAD 80.0 million from CAD 110.0 million.

For the month of January 2015, production averaged 10,060 Boe per day.

For the first quarter of 2015, production is forecast to be 9,500 to 10,000 Boe per day which includes three to five days of downtime at Umbach for piping connections associated with the expansion of the second field compression facility.

For the fourth quarter of 2015, the company now expects production guidance of 14,000 Boe per day to 14,500 Boe per day.

For the year 2015, the company now expects production guidance of 11,000 Boe per day to 12,000 Boe per day against previously expected of 11,500 Boe per day to 12,700 Boe per day.