Storm Resources Ltd. reported unaudited consolidated earnings results and operating results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported revenue from product sales of CAD 21.047 million compared to CAD 16.283 million a year ago. Funds from operations were CAD 8.759 million compared to CAD 7.982 million a year ago. Basic and diluted funds from operations per share were CAD 0.07 compared to CAD 0.07 a year ago. Net loss was CAD 0.085 million or CAD 0.00 per basic and diluted share compared to CAD 0.961 million or CAD 0.01 per basic and diluted share a year ago. Operations capital expenditures were CAD 7.580 million compared to CAD 19.557 million a year ago.

For the quarter, revenue per BOE was CAD 17.22 compared to CAD 18.33 a year ago. Production per BOE was CAD 6.69 compared to CAD 7.89 a year ago. Funds from operations per BOE were CAD 7.17 compared to CAD 8.98 a year ago. Barrels of oil equivalent per day were 13,285 compared to CAD 9,654 a year ago. Gas production 1,000 cubic feet per day was 47,325 compared to 33,674 a year ago. NGL production Barrels per day were 2,299 compared to CAD 1,697 a year ago.

For the nine months, the company reported revenue from product sales of CAD 51.038 million compared to CAD 53.256 million a year ago. Funds from operations were CAD 22.395 million compared to CAD 29.864 million a year ago. Basic and diluted funds from operations per share were CAD 0.19 compared to CAD 0.26 a year ago. Net loss was CAD 25.562 million or CAD 0.21 per basic and diluted share compared to CAD 8.717 million or CAD 0.08 per basic and diluted share a year ago. Operations capital expenditures were CAD 32.139 million compared to CAD 64.101 million a year ago.

For the nine months, revenue per BOE was CAD 14.13 compared to CAD 20.12 a year ago. Production per BOE was CAD 6.21 compared to CAD 8.37 a year ago. Funds from operations per BOE were CAD 6.21 compared to CAD 11.29 a year ago. Barrels of oil equivalent per day were 13,185 compared to CAD 9,695 a year ago. Gas production 1,000 cubic feet per day was 65,245 compared to 47,142 a year ago. NGL production Barrels per day were 2,311 compared to CAD 1,598 a year ago.

Fourth quarter production is forecast to be approximately 13,000 to 14,000 Boe per day depending on commodity prices. Production in October averaged 12,200 Boe per day and was impacted by a nine-day outage on the Alliance Pipeline plus an 11-day outage on the Spectra T-north Fort St. John lateral to BC Station 2. Capital investment is expected to be CAD 37 million and activity will include construction of the third field compression facility at Umbach (CAD 11 million), drilling five horizontal wells (CAD 10 million), and completing and equipping five horizontal wells (CAD 11 million).


For the year, the company's production has been revised to 10,000 Boe/d ­ 11,000 Boe/d from 11,000 Boe/d ­ 12,000 Boe/d.

The company revised production guidance for the year 2016. The company now expects annual production of 12,500 Boe/d ­ 13,500 Boe/d compared to previous guidance of 12,500 Boe/d ­ 13,500 Boe/d.

For the year 2016, the company now expects estimated operations capital of CAD 65 million to CAD 70 million.

The company revised production guidance for the fourth quarter and full year of 2017. For the quarter, the company now expects production of 18,000 Boe/d ­ 20,000 Boe/d.

For the year 2017, the company now expects annual production of 16,500 Boe/d ­ 18,000 Boe/d.

For the year 2017, the company now expects estimated operations capital of CAD 75 million to CAD 80 million.