Storm Exploration Inc.
TSX : SEO

Storm Exploration Inc.

November 14, 2005 18:40 ET

Storm Exploration Inc.: Third Quarter Interim Report 2005

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2005) - Storm Exploration Inc. (TSX:SEO) is pleased to announce its financial and operating results for the three months ended September 30, 2005.



Third Quarter Highlights

Highlights - Three Three Nine
in $CDN except Months Ended Months Ended Months Ended
volumetric September 30, September 30, September 30,
amounts 2005 2004 2005
------------------------------------------------------------------------

Financial

Gas sales 13,244,000 2,356,000 33,616,000
NGL sales 2,065,000 1,071,000 6,371,000
Oil sales 2,166,000 344,000 5,984,000
Royalty Income 219,000 238,000 642,000
------------------------------------------------
Production Revenue 17,694,000 4,009,000 46,613,000
------------------------------------------------

Cash flow from
operations 10,317,000 1,661,000 25,106,000
Per share - basic 0.27 0.05 0.65
Per share - diluted 0.25 0.05 0.62

Net income 6,310,000 911,000 13,026,000
Per share - basic 0.16 0.03 0.34
Per share - diluted 0.15 0.02 0.32

Capital expenditures,
net of dispositions 12,680,000 9,668,000 27,280,000

Debt, including working
capital deficiency
(Working Capital) 30,625,000 (1,604,000) 30,625,000

Weighted average common
shares outstanding
Basic 38,795,000 34,673,000 38,708,000
Diluted 40,829,000 35,785,000 40,767,000

Common shares outstanding
Basic 39,153,000 34,673,000 39,153,000
Fully Diluted 41,919,000 36,919,000 41,919,000

Operations

Oil Equivalent (6:1)
Barrels of oil
equivalent 295,148 92,471 875,953
Barrels of oil
equivalent per day 3,208 1,005 3,209
Average selling price
($CDN per BOE) $ 59.21 $ 40.78 $ 52.48
Royalties 22.65% 33.55% 24.55%

Gas production
Thousand cubic feet 1,416,622 398,610 4,137,295
Thousand cubic feet
per day 15,398 4,333 15,155
Average selling price
($CDN per thousand
cubic feet) $ 9.35 $ 5.72 $ 8.13


NGL Production
Barrels 30,107 19,879 97,411
Barrels per day 327 216 357
Average selling price
($CDN per barrel) $ 68.58 $ 53.86 $ 65.40

Oil Production
Barrels 28,937 6157 88,993
Barrels per day 315 67 326
Average selling price
($CDN per barrel) $ 74.84 $ 55.82 $ 67.24

Wells drilled
Gross 7.0 5.0 13.0
Net 4.6 2.6 7.6



Significant Highlights for the Quarter Ended September 30, 2005

- Storm has maintained its focus on capital efficiency as year to date capital expenditures amounting to $27.3 million have resulted in production growing from 2,750 Boe per day at the start of the year to current rates of approximately 3,900 Boe per day.

- Third quarter cash flow totaled $10.3 million or $0.27/share, an increase of 440% from cashflow of $0.05/share in the same quarter in the prior year.

- Production for the third quarter was 3,208 Boe per day, a 219% increase from production of 1,005 Boe per day in the same period one year ago.

- Third quarter production was adversely impacted by:
-- two extended plant outages at Teepee resulted in the temporary shut-in of 800 Boe per day for 17 days,
-- the curtailment of production at Junior as a reservoir management precaution resulted in the loss of 250 Boe per day for the quarter.

- As a result of reduced costs and higher gas prices, Storm's operating net back increased to $37.22 per Boe, an improvement of 35% from the second quarter of 2005.

- Balance sheet strength continued to improve with Storm's debt and working capital deficiency of $30.6 million at the end of the quarter resulting in a debt to annualized cash flow ratio of 0.7 times.

- Drilled 7 wells (4.65 net) with an 86% success rate which resulted in 5 gas wells (3.4 net) and 1 oil well (0.5 net).

- Expanded Storm's prospect inventory through the addition of 5,000 net undeveloped acres in the Peace River Arch and Cabin/Kotcho/Junior areas at Crown land sales.

Core Area Review

Peace River Arch, North West Alberta and North East British Columbia

During the third quarter, Storm:

- was successful on six (3.4 net) out of nine workovers (5.4 net) with five of those wells adding net incremental production of 300 Boe per day and one well awaiting tie-in,

- drilled 7 wells which resulted in 5 gas wells (3.4 net) and 1 oil well (0.5 net).

As a result of drilling and workover successes, production at Parkland exited the quarter at 900 Boe per day, a significant increase from 350 Boe per day at the start of the quarter. During the third quarter, Storm was successful on 3 out of the 4 wells that were drilled in the area. Drilling inventory at Parkland includes 15 step-out locations at a 75% working interest.

In the fourth quarter of 2005, Storm plans to drill a total of 8 wells with 3 (2.5 net) wells at Parkland, 1 (0.5 net) at Teepee, and 4 (2 net) at Pouce. Storm's capital program will also include up to 7 workovers (5 net), shooting a 37 square kilometre 3-D seismic program, and the tie-in of three wells including two gas wells drilled in the third quarter and one successful workover.

Cabin-Kotcho-Junior, North East British Columbia

This winter, Storm plans to:

- shoot two 3-D seismic programs covering over 50 square kilometers,

- drill 3 wells (1.5 net) targeting the high impact Slave Point formation with one of these wells (0.5 net) being drilled in the fourth quarter,

- drill 1 well (0.85 net) targeting the Debolt formation and,

- tie-in a standing gas well (0.85 net) at Junior that is expected to produce at gross rates of 1.5 to 2.5 mmcf per day.

During the third quarter, production from the Junior gas well averaged 2.4 mmcf per day of gross raw gas or 1.8 mmcf per day of sales gas net to Storm's 85% working interest. The rate was reduced from the initial gross raw gas rate of 4.2 mmcf per day as a reservoir management precaution given that water production had risen to approximately 100 barrels per day.

Red Earth, Alberta

Plans for the fourth quarter include drilling two (1.1 net) wells targeting a shallow gas zone and two (1.1 net) wells targeting the Granite Wash light oil formation.

Brazeau-Pembina, West Central Alberta

In September, a recently drilled Nisku gas well (22.5% WI) was tied in and is currently producing at 100 Boe per day net to Storm.

During the fourth quarter, Storm plans to drill two wells with one well (0.5 net) targeting the Rock Creek formation and one well (0.3 net) targeting the Edmonton sand formation. As well, pending receipt of a drilling licence, one well will be drilled targeting the Nisku formation on lands that were farmed out in the Lodgepole area. The operator will pay 100% of drilling and completion costs to earn a 60% working interest after payout, with one section earned for each well drilled.

Storm Ventures International

In October, Storm Ventures International Inc. (SVI), a private company focused on international exploration and exploitation opportunities, raised $40 million from a private placement at $4 per share to fund its 2006 drilling program. Storm participated in this private placement and purchased 500,000 shares at $4 per share. This purchase was funded through the sale of shares of a junior exploration and production company that Storm had acquired earlier in 2005 as part of an asset disposition and farm-out agreement. Proceeds from this sale amounted to $1.8 million. Storm now holds 4.1 million shares in SVI or approximately 16% of the fully diluted shares outstanding.

In Tunisia, SVI currently holds two licences; one is an onshore block of 1.25 million acres in the Ghadames Basin in south east Tunisia and the second is an offshore block of 1.25 million acres. Two onshore drilling locations have been identified with one location to be drilled before year-end and a second location to be drilled in the first half of 2006. A 3-D seismic program will be shot over part of the offshore block in 2006 in order to identify potential drilling locations.

SVI also has a 50% interest in Silverstone Energy PLC, a private company that has accumulated 235,000 net undeveloped acres in the UK sector of the North Sea. Silverstone plans to drill up to three wells in 2006.

Outlook

As a result of higher than expected cash flow in the second half of the year, Storm is expanding its 2005 capital budget from $35 million to $42 million ($39 million net of dispositions). The increase will be allocated to land sales, seismic, additional workovers (including tie-in costs), minor acquisitions, and tie-in costs on new wells that were $1 million higher than budgeted. Pipeline tie-ins associated with drilling successes or successful workovers in the fourth quarter of 2005 may not occur until early in 2006. As a result, Storm's guidance for 2005 exit production levels remains unchanged at 4,000 to 4,200 Boe per day. However, due to third quarter production being lower than expected, average production in 2005 is now expected to be 3,400 Boe per day which is slightly lower than the previous guidance of 3,450 to 3,650 Boe per day.

Storm has currently identified over 60 drilling prospects and is continuously adding to this inventory. We plan to have 31 of these wells drilled by the end of the first quarter of 2006 with 15 wells (8.4 net) drilled in the fourth quarter of 2005 and another 16 wells (11.4 net) drilled in the first quarter of 2006.

Storm will provide full guidance as to its 2006 budget in mid-December.

In an environment with intense competition for land and assets, Storm's inventory of exploitation and exploration opportunities continues to grow and will be the foundation for Storm's growth in 2006.

A conference call to discuss the results for the third quarter will be held at 2:00 pm Calgary time on Tuesday November 15, 2005. The call in number is 1-888-458-1598, except for Calgary callers who should use 232-6311. The passcode is 1713120#.



Respectfully,


Brian Lavergne,
President and Chief Executive Officer
November 14, 2005


MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL AND OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005

The following discussion and analysis is provided by the management of Storm Exploration Inc. as of November 14, 2005, and is to be read in conjunction with the unaudited interim financial statements for the three and nine months ended September 30, 2005 and the audited financial statements for the period ended December 31, 2004.

Basis of Presentation - Storm Exploration Inc. ("Storm" or the "Company") began oil and gas operations effective July 1, 2004 as a participant in a Plan of Arrangement entered into by Harvest Energy Trust, Harvest Operations Corp., Storm Energy Ltd. and the Company (the "Plan"). Under the Plan various assets formerly held by Storm Energy Ltd. were transferred to the Company. As a result of circumstances related to the Company's prior business and to the Company's participation in the Plan, comparative historical financial information is available for the three months ended September 30, 2004 only, and not for the nine months ended that date. Where relevant, comparative information is also provided for the immediately prior quarter, being the three months ended June 30, 2005. In addition, the Company's fiscal year end was changed from October 31 to December 31, effective December 31, 2004. As a result, interim reports provided to shareholders subsequent to the Company becoming a reporting issuer on July 2, 2004, were for the quarters ended July 31, 2004 and October 31, 2004. Accordingly, financial results for the quarter ended September 30, 2004 provided for purposes of comparison, have not been reviewed by the company's auditors.

Non-GAAP Measures - This Management's Discussion and Analysis contains the term cash flow from operations, which should not be considered an alternative to, or more meaningful than cash flow from operating activities as determined in accordance with Canadian generally accepted accounting principles as an indicator of the Company's performance. It is possible that Storm's measurement of cash flow from operations may not be comparable to that reported by other companies. The reconciliation between net earnings and cash flow from operations can be found in the statement of cash flows in the unaudited interim financial statements. The Company also presents cash flow from operations per share whereby per share amounts are calculated on a basis consistent with the calculation of earnings per share.

Boe Presentation - Barrels of oil equivalent ("Boe") may be misleading, particularly if used in isolation. A Boe conversion ratio of six mcf to one barrel ("bbl") is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All Boe conversions in this report are derived by converting natural gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil.

Forward-Looking Information - Certain information regarding the Company set forth in this document, including management's assessment of the Company's future plans and operations, may constitute forward-looking statements under applicable securities law. Such forward looking statements necessarily involve risks associated with oil and gas exploration, property development, production, marketing, and transportation, such as dry holes and non commercial wells, facility and pipeline damage, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated in the forward-looking statements.



PRODUCTION AND REVENUE

Average Daily Production
---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------
Natural gas (Mcf/d) 15,398 4,333 15,155
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Natural gas liquids
(Bbls/d) 327 216 357
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Crude oil (Bbls/d) 315 67 326
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Total (Boe/d) 3,208 1,005 3,209
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For the three months ended September 30, 2005 the Company's production averaged 3,208 Boe per day, an increase of 2,203 Boe per day, or 219%, over average production for the three months ended September 30, 2004. The year-on-year increase in production came from Company's successful drilling and exploitation programs, coupled with an acquisition in December 2004.

Compared to the three months ended June 30, 2005, production for the three months ended September 30, 2005 was lower by 273 Boe per day, or 8%. The decline in quarterly production was due to various factors; in addition to delays due to unfavourable weather, they included the shut down for maintenance of a third party processing facility at Teepee, Alberta which lowered production for the quarter by 150 Boe per day, and production curtailments of the Company's well at Junior, which resulted in a loss of 250 Boe per day of production.

Production as of the date of this report approximated 3,900 Boe per day. This represents growth of 333% since inception of oil and gas operations in July 2004.

Production for the nine months to September 30, 2005 averaged 3,209 Boe per day.



Production Profile and Per Unit Prices

---------------------------------------------------------------------
Period Three Months to Three Months to
September 30, 2005 September 30, 2004
---------------------------------------------------------------------
Average Average
Selling Selling
Price Price
Percentage Before Percentage Before
of Total Boe Transportation of Total Boe Transportation
Production Costs Production Costs
---------------------------------------------------------------------

Natural gas 80% $ 9.35 72% $ 5.72
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Natural gas
liquids 10% $68.58 21% $53.86
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Crude oil 10% $74.84 7% $55.82
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Per Boe $59.21 $40.78
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---------------------------------------------------------------------
Period Nine Months to
September 30, 2005
---------------------------------------------------------------------
Percentage Average Selling
of Total Boe Price Before
Production Transportation Costs
---------------------------------------------------------------------

Natural gas 79% $ 8.13
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Natural gas liquids 11% $65.40
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Crude oil 10% $67.24
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Per Boe $52.48
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---------------------------------------------------------------------


The Company's production base is largely natural gas and associated liquids. For the quarter to September 30, 2005, the AECO C spot price for natural gas averaged Cdn$9.30 per mcf, an increase of 27% over the preceding quarter and 50% over the quarter ended September 30, 2004. For crude oil, the Edmonton par price averaged Cdn$77.21 per barrel for the quarter to September 30, 2005, an increase of 16% over the preceding quarter and 36% over the quarter ended September 30, 2004. Average prices for Edmonton par and for AECO C for the nine months to September 30, 2005 approximated Cdn$68.55 per barrel and Cdn$7.85 per mcf for natural gas. Oil pricing is a reasonable proxy for natural gas liquids pricing.

Production by Area - Boe per Day



---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------

Peace River Arch 1,805 37 1,840
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Cabin-Kotcho-Junior 888 430 815
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Red Earth 40 69 49
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Brazeau-Pembina 475 469 505
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Total 3,208 1,005 3,209
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---------------------------------------------------------------------


The above sets out the average production from each of the Company's core areas. Within the Peace River Arch, production from the Parkland area averaged 516 Boe per day for the three months ended September 30, 2005, compared to 415 Boe per day for the three months to June 30, 2005. Parkland production for the three months ended September 30, 2004 and for the nine months ended September 30, 2005 averaged 16 Boe per day and 454 Boe per day respectively.



Production Revenue
---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------

Natural gas $13,244,000 $2,356,000 $33,616,000
---------------------------------------------------------------------
Natural gas liquids 2,065,000 1,071,000 6,371,000
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Crude oil 2,166,000 344,000 5,984,000
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Revenue from product
sales 17,475,000 3,771,000 45,971,000
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Royalty income 219,000 238,000 642,000
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Total Production
Revenue $17,694,000 $4,009,000 $46,613,000
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---------------------------------------------------------------------


For the three months ended September 30, 2005, revenue from product sales before royalty income and transportation costs increased by 363% over the same period in 2004. Of this increase, volume increases represented 219% and price increases 144%. Compared to the quarter ended June 30, 2005, production income for the quarter ended September 30, 2005 increased by 11%. Average prices per Boe increased by 19% quarter over quarter; this was offset by a modest decline in production.

Royalty income for each of the periods above is derived from ownership of overriding royalties, largely in the Peace River Arch.



Royalties
---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------

Charge for period $3,968,000 $1,262,000 $11,319,000
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Royalties as a
percentage of
product sales
- Crown 19.4% 26.3% 21.2%
- Overriding 3.3% 7.3% 3.4%
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Total 22.7% 33.6% 24.6%
---------------------------------------------------------------------
---------------------------------------------------------------------
Per Boe $ 13.44 $ 13.65 $ 12.92
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---------------------------------------------------------------------


The increase in the royalty charge for each period reflects additional production volumes and higher product prices. The reduction in Crown royalty rate for the three months ended September 2005 quarter in comparison to earlier quarters and in the context of higher product prices, is attributable to royalty holidays on two new wells in the Brazeau - Pembina area. These royalty holidays expired subsequent to September 30, 2005. The royalty rate for the final quarter of 2005 is expected to rise to 26%

Production Costs



---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------
Charge for period $2,030,000 $583,000 $6,181,000
---------------------------------------------------------------------
Percentage of
production revenue 11.5% 14.5% 13.3%
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Per Boe $ 6.88 $ 6.30 $ 7.06
---------------------------------------------------------------------
---------------------------------------------------------------------


Total production costs for each period have increased in response to growing product sales. However production costs have decreased as a percentage of total revenue, reflecting product prices which have generally increased since inception of oil and gas operations in July 2004. Nevertheless, in common with most producers, the Company has been faced with increasing per unit operating costs since inception of oil and gas operations in July 2004, although recent months have seen per Boe costs stabilize. Although production costs per Boe for the three months ended September 30, 2005 were 9% higher than production costs for the corresponding period in 2004, they were 7% lower than costs reported for the three months ended June 30, 2005. This cost reduction was achieved in the face of industry wide cost pressures. Winter activity will include projects designed to reduce costs in certain operating areas, particularly with respect to liquids handling. Maintenance of operating costs at or below $7.00 per Boe is a realistic objective for the Company.

Transportation Costs:



---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------
Charge for period $710,000 $78,000 $2,080,000
---------------------------------------------------------------------
Percentage of
production revenue 4% 2% 4%
---------------------------------------------------------------------
Per Boe $ 2.41 $ 0.84 $ 2.37
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Increased volumes have resulted in increases in total transportation costs, although, as a result of higher product prices, transportation costs have fallen as a percentage of production revenue. Increased costs per Boe reflected the Company's increasing natural gas production, to which higher transportation costs apply.

Netbacks



Details of field netbacks per commodity unit are as follows:

---------------------------------------------------------------------
Period Three Months Ended September 30, 2005
---------------------------------------------------------------------
Natural
Crude Gas Natural
Oil Liquids Gas Total
($ Bbl) ($ Bbl) ($ Mcf) ($ Boe)
---------------------------------------------------------------------

Product sales $74.84 $68.58 $9.35 $59.21
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Royalty income 0.68 0.67 0.13 0.74
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Royalties (10.76) (17.18) (2.22) (13.44)
---------------------------------------------------------------------
Production costs (6.38) (1.30) (6.88)
---------------------------------------------------------------------
Transportation (1.32) (1.89) (0.43) (2.41)
---------------------------------------------------------------------
Field netback $57.06 $50.18 $5.53 $37.22
---------------------------------------------------------------------
---------------------------------------------------------------------


---------------------------------------------------------------------
Period Three Months Ended September 30, 2004
---------------------------------------------------------------------
Natural
Crude Gas Natural
Oil Liquids Gas Total
($ Bbl) ($ Bbl) ($ Mcf) ($ Boe)
---------------------------------------------------------------------

Product sales $55.82 $53.86 $5.89 $40.78
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Royalty income 5.59 0.09 0.51 2.57
---------------------------------------------------------------------
Royalties (19.99) (21.86) (1.77) (13.65)
---------------------------------------------------------------------
Production costs (3.58) (1.41) (6.30)
---------------------------------------------------------------------
Transportation (0.40) (0.40) (0.17) (0.84)
---------------------------------------------------------------------
Field netback $37.44 $31.69 $3.05 $22.56
---------------------------------------------------------------------
---------------------------------------------------------------------


---------------------------------------------------------------------
Period Nine Months Ended September 30, 2005
---------------------------------------------------------------------
Natural
Crude Gas Natural
Oil Liquids Gas Total
($ Bbl) ($ Bbl) ($ Mcf) ($ Boe)
---------------------------------------------------------------------

Product sales $67.24 $65.40 $8.13 $52.48
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Royalty income 1.00 0.35 0.13 0.73
---------------------------------------------------------------------
Royalties (7.51) (22.76) (2.04) (12.92)
---------------------------------------------------------------------
Production costs (6.30) (1.36) (7.06)
---------------------------------------------------------------------
Transportation (1.46) (1.47) (0.44) (2.37)
---------------------------------------------------------------------
Field netback $52.97 $41.52 $4.42 $30.86
---------------------------------------------------------------------
---------------------------------------------------------------------


Production costs for natural gas liquids are included with natural
gas costs.

Interest

---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------
Charge for period $264,000 $9,000 $815,000
---------------------------------------------------------------------
Per Boe $ 0.90 $ 0.10 $ 0.93
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---------------------------------------------------------------------


Interest cost per Boe increased to $0.90 for the three months ended September 30, 2005 compared to $0.82 reported for the three months ended June 30, 2005, largely as a result of slightly lower production volumes. The Company had no material outstanding debt during the quarter ended September 30, 2004.



General and Administrative Costs

Total costs:

---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------
Gross general and
administrative costs $880,000 $517,000 $2,496,000
---------------------------------------------------------------------
Capital and operating
recoveries (386,000) (55,000) (1,162,000)
---------------------------------------------------------------------
Net general and
administrative costs 494,000 462,000 1,334,000
---------------------------------------------------------------------
Stock based
compensation costs (115,000) (19,000) (283,000)
---------------------------------------------------------------------
Cash general and
administrative costs $379,000 $443,000 $1,051,000
---------------------------------------------------------------------
---------------------------------------------------------------------


Costs per Boe:

---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------
Gross general and
administrative costs $2.98 $5.60 $2.85
---------------------------------------------------------------------
Capital and operating
recoveries (1.31) (0.60) (1.33)
---------------------------------------------------------------------
Net general and
administrative costs 1.67 5.00 1.52
---------------------------------------------------------------------
Stock based
compensation costs (0.39) (0.20) (0.32)
---------------------------------------------------------------------
Cash general and
administrative costs
per Boe $1.28 $4.80 $1.20
---------------------------------------------------------------------
---------------------------------------------------------------------


During the three months ended September 30, 2005, gross general and administrative costs increased by 70% when compared to the three months ended September 30, 2004 and by 21% when compared to the three months ended June 30, 2005. Increases were primarily due to staff additions and increased accommodation costs. These cost increases were offset in part by increased capital and operating recoveries arising from the Company's expanded field programs in the quarter. Cash general and administrative costs for future quarters should be lower, when measured per Boe, due to higher capital and operating recoveries and an increased production base. Although general and administrative costs are low, the Company faces industry - wide pressures on many components of its cost structure.



Depletion, Depreciation and Accretion

---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------
Depreciation and
depletion charge for
period $3,843,000 $716,000 $11,657,000
---------------------------------------------------------------------
Accretion charge
for period 49,000 15,000 140,000
---------------------------------------------------------------------
Total $3,892,000 $731,000 $11,797,000
---------------------------------------------------------------------
Total per Boe $ 13.19 $ 7.90 $ 13.47
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---------------------------------------------------------------------


The increase in the charge for depreciation, depletion and accretion for the three months ended September 30, 2005 when compared to the charge for the equivalent period in 2004, is due to capital expenditures associated with the expansion of the Company's production base. Compared to the quarter ended June 30, 2005, the charge for depreciation, depletion and accretion fell by 10%.

Income and Other Taxes

At September 30, 2005 the Company had operating tax losses carried forward (which begin to expire in 2007) and tax pools totalling approximately $140 million. In addition, the Company has a capital tax loss in the amount of $11 million available for application against future capital gains. Through application of operating losses carried forward, the expected provision for future income taxes on the Company's income for the three months ended September 30, 2005 in the amount of $2.4 million has been eliminated. Total taxes eliminated through application of tax losses for the three months to September 30, 2004 amounted to $319,000; for the three months ended June 30, 2005, $1.4 million; and for the nine months to September 30, 2005 $5.0 million .

Net Income and Net Income per Share

Net income for the three months to September 30, 2005 increased by nearly 600% to $6,310,000 or $0.015 per diluted share, when compared to the three months ended September 30, 2004. When compared to the three months ended June 30, 2005, net income increased by 73% from $3,643,000 or $0.09 per diluted share. Net income for the nine months to September 30, 2005 amounted to $13,026,000 or $0.32 per diluted share.

Cash Flow from Operations and Cash Flow per Share

Cash flow from operations increased by 520% to $10,317,000 for the three months to September 30, 2005, or $0.25 per diluted share, compared to $1,661,000, or $0.05 per diluted share, for the three months to September 30, 2004. Compared to the quarter ended June 30, 2005, cash flow from operations increased by 28% from $8,071,000 or diluted $0.20 per share. Cash flow from operations for the nine months to September 30, 2005 amounted to $25,106,000 or $0.62 per diluted share.

INVESTMENT AND FINANCING

Working Capital

Receivables are comprised of production revenue receivables, receivables in respect of operating and capital costs and net receivables in respect of cash calls issued to partners regarding capital projects. Prepaid costs include unamortized insurance premiums, unamortized bank commitment fees and deposits.

Accounts payable include operating, administrative and capital costs payable. Estimates of amounts owing but not yet invoiced to the Company have been included in accounts payable.

Excluding current bank debt, the Company had a working capital deficiency of $7,713,000 at September 30, 2005 compared to working capital of $1,604,000 at September 30, 2004. The increase in the working capital deficiency at September 30, 2005 when compared to the equivalent quarter in the prior year is due to the considerable year-on-year expansion in the scale of the Company's operations.



Property and Equipment

Capital costs incurred were as follows:

---------------------------------------------------------------------
Period Three Three Nine
Months to Months to Months to
September 30, September 30, September 30,
2005 2004 2005
---------------------------------------------------------------------
Land and lease $ 2,143,000 $ 421,000 $ 3,118,000
---------------------------------------------------------------------
Seismic 107,000 104,000 1,937,000
---------------------------------------------------------------------
Drilling and completions 5,295,000 3,300,000 9,746,000
---------------------------------------------------------------------
Facilities and equipment 3,693,000 3,036,000 13,999,000
---------------------------------------------------------------------
Property acquisitions 1,442,000 2,807,000 1,442,000
---------------------------------------------------------------------
Property dispositions - - (2,962,000)
---------------------------------------------------------------------
Total $12,680,000 $9,668,000 $27,280,000
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Bank Debt, Liquidity and Capital Resources

At September 30, 2005, the Company had a revolving borrowing base bank credit facility of $33 million. The amount drawn on this facility at September 30, 2005 amounted to $22,912,000.

The Company funds its field capital programs through cash flow, bank borrowings, and, from time to time, equity. Acquisitions are funded by a combination of debt and equity.

For the remainder of 2005 the Company expects to fund its capital programs largely through cash flow. Capital programs tend to be concentrated in the winter months, the result being that capital expenditures in the first and fourth quarters of the year will exceed cash flow, which is compensated by lower capital expenditures in the second and third quarters.

Investment

At September 30, 2005, the Company's investment in Storm Ventures International Inc. ("SVI") represented a 26% ownership position. Subsequent to that date SVI completed a private placement for a gross amount of $40 million. The Company participated in the offering to the extent of $2 million; however the Company's ownership position was reduced from 26% to 16%. Any gain on dilution will be recognized in the final quarter of 2005. Funding the Company's additional contribution to SVI largely came from the sale of the Company's investment in a public junior oil and gas company, on which a gain of $1.7 million was realized. Accordingly the additional investment in SVI had no impact on funding available for the Company's winter programs. SVI will shortly be spudding a well in the Ghadames basin in Tunisia and is positioning itself for a development program in the North Sea in 2006.

Future Income Taxes

The future income tax asset is made up of the excess of the accounting amounts over the related tax bases of property and equipment transferred to the Company under the Plan, less the tax value of share issue costs.

Under the terms of the two flow through share issues completed in 2004, the Company is obligated to allocate Canadian Exploration Expense to subscribers in the amount of $12.2 million and to incur these costs prior to December 31, 2005. By September 30, 2005 the Company had incurred an estimated $10.9 million of qualifying expenditures.

No accounting recognition has been given to any future value to be obtained through use of prior tax years' losses, the benefit from which is normally recognized only when they are used to reduce income for tax purposes. In addition, the Company has substantial resource pools available for application against future years' income.

Asset Retirement Obligation

The Company's asset retirement obligation represents the present value of estimated future costs to be incurred to abandon and reclaim the Company's wells and facilities. The discount rate used is 8%.



Share Capital

---------------------------------------------------------------------
As at September 30, 2005 September 30, 2004
---------------------------------------------------------------------
Common shares outstanding
- end of period 39,153,000 34,673,000
---------------------------------------------------------------------
Share purchase warrants 1,715,000 2,100,000
---------------------------------------------------------------------
Performance warrants 233,000 15,000
---------------------------------------------------------------------
Stock options 818,000 131,000
---------------------------------------------------------------------
Fully diluted common shares
- end of period 41,919,000 36,919,000
---------------------------------------------------------------------
---------------------------------------------------------------------
Weighted average common
shares - basic 38,795,000 34,673,000
---------------------------------------------------------------------
---------------------------------------------------------------------
Weighted average common
shares - diluted 40,829,000 35,785,000
---------------------------------------------------------------------
---------------------------------------------------------------------


Share purchase warrants are exercisable at a price of $2.00 on or before June 30, 2006. Outstanding performance warrants total 341,325, and are convertible into common shares using a formula based on the market price on the date of conversion. Stock options outstanding are exercisable over five years on various dates beginning September 2005 at prices ranging from $2.60 to $5.71.

Quarterly Results

Set out below are key performance indicators by quarter for the Company since oil and gas operations began in July 2004:



---------------------------------------------------------------------
Quarter ended September December March June September
30, 2004 31, 2004 31, 2005 30, 2005 30, 2005
---------------------------------------------------------------------
Production
revenue - $'000 4,009 7,405 12,968 15,951 17,694
---------------------------------------------------------------------
Cash flow from
operations - $'000 1,661 3,453 6,718 8,071 10,317
Per share
- basic $ 0.05 $ 0.10 $ 0.17 $ 0.21 $ 0.27
- diluted $ 0.05 $ 0.09 $ 0.17 $ 0.20 $ 0.25
---------------------------------------------------------------------

Net income - $'000 911 5,586 $3,073 $3,643 $6,310
Per share
- basic $ 0.03 $ 0.16 $ 0.08 $ 0.09 $ 0.16
- diluted $ 0.03 $ 0.16 $ 0.08 $ 0.09 $ 0.15
---------------------------------------------------------------------
Average daily
production - Boe 1,005 1,727 2,933 3,481 3,208
---------------------------------------------------------------------
Average field
netback $22.56 $24.40 $27.79 $27.50 $37.22
---------------------------------------------------------------------
Capital expenditures
- $'000 9,668 47,882 10,339 4,261 12,680
---------------------------------------------------------------------
---------------------------------------------------------------------


CONTRACTUAL OBLIGATIONS

In the course of its business the Company enters into various contractual obligations, including the following:



- purchase of services
- royalty agreements
- operating agreements
- processing agreements
- right of way agreements
- lease obligations for accommodation, office equipment and
automotive equipment.


All such contractual obligations reflect market conditions at the time of contract and none are with related parties.



Obligations with a fixed term are as follows:

---------------------------------------------------------------------
$(000's) 2005 2006 2007 2008 2009
---------------------------------------------------------------------
Lease of premises 170 340 343 352 352
---------------------------------------------------------------------
Equipment leases 28 28 11 - -
---------------------------------------------------------------------

---------------------------------------------------------------------
Total 198 368 354 352 352
---------------------------------------------------------------------
---------------------------------------------------------------------


CRITICAL ACCOUNTING ESTIMATES

Financial amounts included in the Company's Management's Discussion and Analysis and in the unaudited financial statements for the three months ended September 30, 2005 are based on accounting policies, estimates and judgement which reflect information available to management at the time of preparation. Information with respect to the accounting policies selected by the Company and its use of estimates is set out in the Company's annual report for the period ended December 31, 2004.

RISK ASSESSMENT

There are a number of risks facing participants in the Canadian oil and gas industry. Some of the risks are common to all businesses while others are specific to the sector. Information with respect to such risks is set out in the Company's annual report for the period ended December 31, 2004.

ADDITIONAL INFORMATION

Additional information relating to the Company can be viewed at www.sedar.com or on the Company's website at www.stormexploration.com. Information can also be obtained by contacting the Company at Storm Exploration Inc., 3250, 205 - 5th Avenue, SW, Calgary, Alberta, T2P 2V7.



Storm Exploration Inc.
Balance Sheets
Unaudited

September 30, 2005 December 31, 2004
-----------------------------------------
ASSETS

Current
Accounts receivable $ 8,380,856 $ 7,636,178
Prepaid expenses 904,581 441,215
-----------------------------------------
9,285,437 8,077,393

Property and Equipment
- Net (Note 4) 103,973,303 88,202,556

Investments 2,700,000 2,700,000

Future Income Taxes
(Note 5) 8,968,441 8,968,441
-----------------------------------------
$ 124,927,181 $ 107,948,390
-----------------------------------------
-----------------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY

Current
Bank Indebtedness (Note 6) $ - $ 6,000,000
Accounts payable
and accrued liabilities 16,998,811 13,636,933
-----------------------------------------
16,998,811 19,636,933

Bank Indebtedness (Note 6) 22,911,651 17,664,856
Asset Retirement Obligation
(Note 7) 2,481,341 2,193,321
-----------------------------------------
42,391,803 39,495,110
-----------------------------------------

Shareholders' Equity (Note 8)
Share capital 62,644,885 61,830,555
Contributed surplus 368,259 126,071
Retained earnings 19,522,234 6,496,654
-----------------------------------------
82,535,378 68,453,280
-----------------------------------------
$ 124,927,181 $ 107,948,390
-----------------------------------------
-----------------------------------------

Storm Exploration Inc.
Statements of Income and Retained Earnings
Unaudited

Three Months Three Months Nine Months
Ended Ended Ended
September 30, September 30, September 30,
2005 2004 2005
----------------------------------------------
Revenue
Production revenue $ 17,693,232 $ 4,009,411 $ 46,612,337
Royalties (3,968,491) (1,261,775) (11,318,891)
Other revenue - 26,908 1,859
----------------------------------------------
13,724,741 2,774,544 35,295,305
----------------------------------------------

Expenses
Production 2,030,134 582,660 6,181,470
Transportation 710,230 77,994 2,079,893
Interest 264,298 9,027 815,167
General and
administrative 493,928 462,261 1,334,039
Depletion,
depreciation
and accretion 3,891,904 731,291 11,797,254
----------------------------------------------
7,390,494 1,863,233 22,207,823
----------------------------------------------

Income before income
and other taxes 6,334,247 911,311 13,087,482

Income and other taxes
(Note 5)
Future income taxes
(recovery) - - -
Capital taxes 24,400 - 61,900
----------------------------------------------
24,400 - 61,900
----------------------------------------------

Net income for the period 6,309,847 911,311 13,025,582

Retained earnings,
beginning of period 13,212,387 - 6,496,652
----------------------------------------------
Retained earnings,
end of period $ 19,522,234 $ 911,311 $ 19,522,234
----------------------------------------------
----------------------------------------------


Net Income per share
(Note 9) - basic 0.16 0.03 0.34
- diluted 0.15 0.02 0.32



Storm Exploration Inc.
Statements of Cash Flows
Unaudited

Three Months Three Months Nine Months
Ended Ended Ended
September 30, September 30, September 30,
2005 2004 2005
----------------------------------------------
Operating activities
Net income for the period $ 6,309,847 $ 911,311 $ 13,025,582
Add non-cash items:
Depreciation,
depletion,
and accretion 3,891,904 731,291 11,797,254
Stock based compensation 114,952 18,818 283,030
----------------------------------------------
Funds from operations 10,316,703 1,661,420 25,105,866
Net change in non-cash
working capital items 167,070 3,003,216 4,267,533
----------------------------------------------
10,483,773 4,664,636 29,373,399
----------------------------------------------

Financing activities
Issue of common shares
- net of expenses 770,001 11,839,612 773,488
Decrease in bank
indebtedness (3,238,160) (3,939,084) (753,205)
----------------------------------------------
(2,468,159) 7,900,528 20,283
----------------------------------------------

Investing activities
Additions to property
and equipment (12,679,910) (9,667,687) (30,242,062)
Disposals of property
and equipment - - 2,962,080
Net change in non-cash
working capital items 4,664,296 1,670,120 (2,113,700)
----------------------------------------------
(8,015,614) (7,997,567) (29,393,682)
----------------------------------------------

Change in cash
during the period - 4,567,597 -

Cash, beginning of period - 2,070,000 -
----------------------------------------------
Cash, end of period $ - $ 6,637,597 $ -


STORM EXPLORATION INC.
NOTES TO FINANCIAL STATEMENTS
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2005
UNAUDITED


1. BASIS OF PRESENTATION

Storm Exploration Inc. (the "Company") is a junior oil and gas exploration and development company listed on the Toronto Stock Exchange under the symbol SEO.

The Company became a reporting issuer and commenced oil and gas operations on July 2, 2004 subsequent to participating in a Plan of Arrangement (the "Plan") with Harvest Energy Trust, Harvest Operations Corp., and Storm Energy Ltd. Under the Plan, the Company acquired, in exchange for the issue of voting common shares, certain assets formerly owned by Storm Energy Ltd., largely comprised of exploration, development and producing oil and gas properties.

Note 3 to these financial statements provides information about assets transferred and obligations assumed under the Plan.

2. SIGNIFICANT ACCOUNTING POLICIES

These interim unaudited financial statements of the Company have been prepared by management in accordance with accounting policies generally accepted in Canada, following the same accounting policies and methods of computation as those in the financial statements for the period ended December 31, 2004. The interim financial statement note disclosures do not include all of those disclosures applicable for annual financial statements. Accordingly, the interim financial statements should be read in conjunction with the financial statements and the notes thereto contained in the Company's annual report for the period ended December 31, 2004.

3. TRANSFER OF ASSETS AND COMMENCEMENT OF OIL AND GAS OPERATIONS

Under the Plan of Arrangement referred to in Note 1, the Company issued common shares to a subsidiary company of Harvest Energy Trust in exchange for certain assets, being undeveloped and developed oil and gas assets, administrative assets, an interest in Storm Ventures International Inc. and cash. As there is substantial continuity of ownership interest, assets were recorded on the accounts of the Company at the book values of Storm Energy Ltd. Details are as follows:



Cash $ 2,070,000
Net investment in Storm Ventures International Inc. 2,392,964
Petroleum and natural gas properties 31,838,051
Office furniture and equipment 50,000
Future income tax asset 8,546,093
Asset retirement obligation (644,000)
------------
Net assets transferred and share capital issued $ 44,253,108
------------
------------


The above amounts are management's best estimates based on information available at the time of completion of these financial statements and may change as additional information becomes available.

4. PROPERTY AND EQUIPMENT



September 30, 2005 December 31, 2004
-------------------------------------

Petroleum and natural gas
properties $ 118,088,000 $ 90,838,000
Furniture and equipment 287,000 110,000
-------------------------------------
118,375,000 90,948,000
Accumulated depletion and
depreciation (14,402,000) (2,745,000)
-------------------------------------
$ 103,973,000 $ 88,203,000
-------------------------------------
-------------------------------------


At September 30, 2005 the depletion calculation excluded unproved properties of $11,303,000 (2004 - $9,680,000).

5. FUTURE INCOME TAXES

The future income tax asset is made up of the excess of the accounting amounts over the related tax bases of property and equipment transferred to the Company under the Plan, less the tax value of share issue costs.

The Company has operating tax losses (which generally expire in the period 2007 to 2011) and tax pools associated with property and equipment totalling in excess of $140 million as well as capital losses of approximately $11 million, which are not subject to expiry. Given uncertainty of realization, no accounting recognition has been given to any future value to be obtained through use of prior tax years' losses, the benefit from which is recognized only when they are used to reduce income for tax purposes.

The Company is obligated, under the terms of flow-through share agreements, to incur Canadian Exploration Expense in the amount of $12.2 million prior to December 31, 2005. The Company estimates that by September 30, 2005 cumulative qualifying expenditures totaled $10.9 million.

6. BANK INDEBTEDNESS

At September 30, 2005, the Company had an extendible revolving bank facility, based on the Company's producing reserves, in the amount of $33,000,000. Interest is payable on the revolving facility at bank prime rate or banker's acceptance rates plus a stamping fee.

The revolving facility is available to the Company until May 31, 2006, but may be extended at the Company's request until May 31, 2007, subject to the bank's review of the Company's reserve lending base. Security is comprised of a floating charge demand debenture on the assets of the Company. Interest paid in the three and nine months ended September 30, 2005 amounted to $264,000 (2004 - $9,000) and $815,000 respectively.

7. ASSET RETIREMENT OBLIGATION

The estimated future asset retirement obligation is based on the Company's net ownership interest in wells and facilities, the estimated costs to abandon and reclaim the wells and facilities and the estimated timing of the costs to be incurred in future periods. The total undiscounted amount of the estimated cash flows required to settle the Company's asset retirement obligations is approximately $4.9 million, which will be incurred over the next 20 years, with the majority of costs incurred between 2015 and 2024. A credit adjusted risk-free rate of eight percent was used to calculate the present value of the asset retirement obligations, amounting to $2,481,000.



8. SHARE CAPITAL

Authorized

An unlimited number of non-voting common shares
An unlimited number of voting common shares
An unlimited number of preferred shares

Issued

Number of Shares Consideration
(000s)
-----------------------------------
Balance as at December 31, 2004 38,673 $ 61,831,000

Common shares issued on exercise
of warrants (i) 385 770,000
Common shares issued under the
performance warrant plan (ii) 90 40,000
Stock options exercised (iii) 5 13,000
Share issue costs (9,000)
-----------------------------------
Balance as at September 30, 2005 39,153 $ 62,645,000
-----------------------------------
-----------------------------------


Except for voting rights, non-voting and voting common shares are identical.

Common Share Issues

(i) During the third quarter of 2005, 385,000 warrants were exercised. Accordingly 385,000 common shares were issued for proceeds of $770,000 based on the exercise price of $2 per share.

(ii) On June 29, 2005, 170,833 warrants under the performance warrant plan were exercised. Based on the closing price of $4.25 90,442 common shares were issued. Related prior stock compensation expense of $39,000 was added to share capital.

(iii) In April 2005, 4,687 stock options were exercised for proceeds of $12,186 and related prior stock compensation expense of $908 was added to share capital.

Warrants

As part of a June 29, 2004 private placement of common shares, the Company issued warrants to acquire 2,100,000 common shares at a price of $2.00. A total of 1,715,000 warrants are outstanding and are exercisable during the period from July 1, 2005 to June 30, 2006.

Stock Based Compensation Plans

(i) The Company has a performance warrant plan under which 512,500 warrants have been issued to employees to acquire common shares. The number of common shares issuable upon exercise of the warrants is the number of warrants held, multiplied by that percentage of a common share represented by the closing price of the share on the day immediately preceding the exercise date, less $2.00, divided by the closing price. The warrants are exercisable in three equal annual amounts commencing June 29, 2005. On June 29, 2005, 170,833 warrants were exercised resulting in 341,667 warrants outstanding as at September 30, 2005.

Using the Black-Scholes pricing model, the fair value of each warrant was estimated to be $0.51 using a risk-free interest rate of 4.25%, volatility of 40% and an expected average life of two years. The cost of the warrant thus determined is amortized over its expected life, the expense being included in general and administrative costs with an equivalent allocation to contributed surplus.

(ii) The Company has a stock option plan under which it may grant, at the Company's discretion, options to purchase common shares to directors, officers and employees. Under the stock option plan a total of 1,450,000 common shares has been reserved for issuance. Options to purchase 818,000 common shares issued to directors and employees of the Company were outstanding at the end of the period as follows:



Outstanding at December 31, 2004 296,250
Issued during period 564,250
Cancelled during period (37,813)
Exercised during period (4,687)
-------------
818,000
-------------

Weighted average exercise price $3.92
Average remaining life 4.46 years
Number exercisable at September 30, 2005 -
Option prices $2.60 - $5.71


Using the Black-Scholes pricing model, the fair value of each option was estimated to be $0.83 - $1.85, using risk-free interest rates of 4.25% - 4.75%, volatility of 40% and an expected average life of 30 months. The amortized cost of the option is included in general and administrative costs with an equivalent allocation to contributed surplus.

9. PER SHARE AMOUNTS



Basic

Three months ended Three months ended Nine months ended
September 30, 2005 September 30, 2004 September 30, 2005
----------------------------------------------------------
Net income
per share $ 0.16 $ 0.03 $ 0.34
Weighted
average
number of
shares
outstanding
('000) 38,795 34,673 38,708

Diluted

Net income
per share $ 0.15 $ 0.02 $ 0.32
Weighted
average
number of
shares
outstanding
('000) 40,829 35,785 40,767


The reconciling items between the basic and diluted average common shares are the warrants, performance warrants and stock options described in Note 8.

10. SUPPLEMENTAL CASH FLOW INFORMATION

Changes in non-cash working capital



Three months ended Three months ended Nine months ended
September 30, 2005 September 30, 2004 September 30, 2005
----------------------------------------------------------

Accounts
receivable $ (1,590,000) $ (1,678,000) $ (745,000)

Prepaid
expenses (424,000) (121,000) (463,000)

Accounts
payable and
accrued
liabilities 6,845,000 6,472,000 3,362,000
----------------------------------------------------------
Change in non-
cash working
capital $ 4,831,000 $ 4,673,000 $ 2,154,000
----------------------------------------------------------
----------------------------------------------------------

Relating to:
Financing
activities $ - $ - $ -
Investing
activities 4,664,000 1,670,000 (2,114,000)
Operating
activities 167,000 3,003,000 4,268,000
----------------------------------------------------------

$ 4,831,000 $ 4,673,000 $ 2,154,000
----------------------------------------------------------
----------------------------------------------------------


Three months ended Three months ended Nine months ended
September 30, 2005 September 30, 2004 September 30, 2005
----------------------------------------------------------

Interest paid
during the
period $ 264,000 $ 9,000 $ 815,000

Income taxes
paid during
the period $ - $ - $ -


11. FINANCIAL INSTRUMENTS

The Company's financial instruments recognized on the balance sheet consist of cash and short-term investments, accounts receivable, accounts payable and accrued liabilities. The fair value of these financial instruments approximates their carrying amounts based on the short term to maturity.

A substantial portion of the Company's accounts receivable are concentrated with a limited number of purchasers of commodities and joint venture partners in the oil and gas industry and are subject to normal industry credit risk. Management considers these concentrations of credit risk to be minimal, as commodity purchasers are major industry participants, and receivables from partners are protected by effective industry standard legal remedies.

12. SUBSEQUENT EVENTS

1) In October 2005 the Company sold its investment in a public junior oil and gas company for net proceeds of $1.8 million. This resulted in a gain of $1.7 million.

2) In October 2005 the Company participated in a private placement of common shares in Storm Ventures International. The Company invested an additional $2,000,000. However the terms of the private placement were such that the Company's ownership position, formerly 26%, has been reduced to 16.5%.

Contact Information

  • Storm Exploration Inc.
    Brian L. Lavergne
    President and Chief Executive Officer
    (403) 264-3520
    or
    Storm Exploration Inc.
    Donald G. McLean
    Chief Financial Officer
    (403) 264-3520
    (403) 264-3552 (FAX)
    Website: www.stormexploration.com