Storm Resources Ltd. (TSXV:SRX) entered into an agreement to acquire Montney acreage in Nig area of Northeast British Columbia from Yoho Resources Partnership for CAD 87.5 million in cash and stock on January 22, 2014. As per the agreement, at closing, Storm will pay CAD 30 million in cash, issue 13.6 million common shares and will also make certain additional consideration based on certain prime rate. As per the terms of the agreement, Yoho has deposited a sum of CAD 8.37 million with Burnet, Duckworth. The deposit amount will be credited to the cash consideration at the closing. The cash portion will be satisfied from funds advanced under Storm's credit facility, which amounts shall be repaid from CAD 34.8 million of gross proceeds from a bought deal financing and non-brokered private placement.

The transaction is subject to subject to customary conditions and receipt of applicable regulatory approvals, listing of new shares and approval of lenders. The closing of the transaction is expected to occur on or about January 31, 2014. The proceeds will be utilized to eliminate Yoho's current bank indebtedness and to fund further exploration and development drilling activities on Yoho's Duvernay acreage in the Kaybob area of west central Alberta and at Inga, British Columbia. FirstEnergy Capital Corp. acted as financial advisor to Yoho. Burnet, Duckworth & Palmer LLP acted as legal counsel for Yoho.

Storm Resources Ltd. (TSXV:SRX) completed the acquisition of Montney acreage in Nig area of Northeast British Columbia from Yoho Resources Partnership on January 31, 2014.