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Storm Resources closes acquisition in the Montney formation


Published Feb 4, 2014
Storm Resources Ltd.

Storm Resources Ltd. announce the successful closing of the previously announced acquisition of a 100% working interest in 29 sections of land in the Umbach-Nig area prospective for liquids rich natural gas from the Montney formation (the "Acquisition"). Included in the Acquisition are two horizontal wells producing from the Montney formation.

The total cost of the Acquisition was approximately $87.9 million, which consisted of approximately $30.0 million in cash and 13.6 million common shares ("Common Shares") of Storm with a deemed value of $4.25 per Common Share, being the closing price of the Common Shares on the TSX Venture Exchange on January 30, 2014.

Tags: Storm Resources Ltd.




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