Storm Resources Ltd. reported unaudited consolidated earnings and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company's revenue from product sales were CAD 21,701,000 compared to CAD 11,974,000 a year ago. Funds from operations was CAD 11,076,000 compared to CAD 5,077,000 a year ago. Funds from operations per share - diluted was CAD 0.10 compared to CAD 0.07 a year ago. Net income was CAD 6,598,000 compared to CAD 661,000 a year ago. Net income per share - diluted was CAD 0.06 compared to CAD 0.01 a year ago. Operations capital expenditures was CAD 33,640,000 compared to CAD 16,729,000 a year ago.

For the six months, the company's revenue from product sales was CAD 42,508,000 compared to CAD 21,022,000 a year ago. Funds from operations was CAD 19,736,000 compared to CAD 8,304,000 a year ago. Funds from operations per share - diluted was CAD 0.18 compared to CAD 0.12 a year ago. Net income was CAD 6,804,000 compared to CAD 400,000 a year ago. Net income per share - diluted was CAD 0.06 compared to CAD 0.01 a year ago. Operations capital expenditures was CAD 55,983,000 compared to CAD 36,865,000 a year ago.

For the second quarter, the company's production was 5,462 Boe per day (22% oil plus NGL), an increase of 58% from the same period last year and 8% from the previous quarter. The increase was due to growth from the Umbach property where production was 3,979 Boe per day in the second quarter which is 122% higher than a year ago and 12% higher than the previous quarter. NGL production was 762 barrels per day, a year-over-year increase of 278 Boe per day, or 57%. Increased NGL production was the result of production growth from the liquids-rich Montney formation at Umbach. Gas production - Thousand cubic feet per day was 25,506 compared to 15,098 a year ago. Oil Production - Barrels per day was 449 compared to 460 a year ago.

For the six months, barrels of oil equivalent per day was 5,266 compared to 2,977 a year ago. Gas production - Thousand cubic feet per day was 24,613 compared to 12,453 a year ago. NGL production - Barrels per day was 743 compared to 373 a year ago. Oil Production - Barrels per day was 420 compared to 528 a year ago.

The company provided forecast fourth quarter average production to be in the range 8,900 Boe per day to 9,200 Boe per day compared to previously provided guidance range of 7,500 Boe per day to 7,900 Boe per day.

The company provided forecast average annual production to be in the range 6,000 Boe per day to 6,700 Boe per day compared to previously provided guidance range of 5,500 Boe per day to 6,500 Boe per day.

Adjusted net debt at the end of 2014 is forecast to be CAD 50.0 to CAD 55.0 million which would be approximately 0.9 times annualized funds from operations in the fourth quarter of 2014 (assuming commodity prices in the third and fourth quarters of 2014 are AECO CAD 3.75 per GJ and Edmonton Par CAD 94.00 per barrel).