Storm Resources Ltd. (TSXV:SRX) entered into a definitive purchase and sale agreement to sell Grand Prairie assets for CAD 24 million on May 29, 2015. The purchase price is subject to standard closing adjustments. A deposit of CAD 1.2 million has been paid with the remaining funds to be paid at closing.

The transaction is subject to approval from the required regulatory approvals and TSX Venture Exchange. The closing date of the disposition is expected to occur on or before July 31, 2015. The net proceeds from the transaction will be used by Storm Resources to reduce bank indebtedness.