Storm Resources Ltd. Announces Closing of Asset Disposition

STORM RESOURCES LTD. ("Storm") (TSX VENTURE:SRX) advises that the disposition of
275 Boe per day of production in the Grande Prairie area of northwest Alberta,
as announced on January 23, 2013, has closed. 


Proceeds from the disposition of $18 million, prior to normal adjustments, will
be applied in reduction of bank debt. Pro forma net debt at December 31, 2012 is
estimated to be $24 million after giving effect to this disposition and a
smaller asset sale amounting to $2 million announced in January 2013. In
addition, in the fourth quarter of 2012, $2 million was received from the sale
of the remainder of Storm's shares in Bridge Energy ASA. Net debt includes the
Company's working capital deficiency, but does not include the value of Storm's
public company investment. Including the value of the public company investment,
pro forma net debt at December 31, 2012 is estimated to be approximately $20
million. The disposition will result in Storm's bank credit facility being
reduced from $62 million to $52 million.  


This disposition is consistent with Storm's commitment to maintaining debt
levels at a reasonable multiple of cash flow and to the better alignment of
financial resources with growth opportunities. It provides Storm with financial
flexibility to pursue additional projects, or to accelerate capital investment
on development activities at existing properties if results are supportive of
doing so. 


Storm Resources Ltd. began operations in August 2010. Storm is headquartered in
Calgary, Alberta and is active in the Horn River Basin and Umbach areas of
northeast British Columbia, and at Grande Prairie in northwest Alberta. 


FirstEnergy Capital Corp. of Calgary, Alberta, acted as sole agent to Storm for
this asset sale.


READER ADVISORIES

Boe Presentation - For the purpose of calculating unit revenues and costs,
natural gas is converted to a barrel of oil equivalent ("Boe") using six
thousand cubic feet ("Mcf") of natural gas equal to one barrel of oil unless
otherwise stated. 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 measurements and
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. Mboe means 1,000
Boe.


Forward-Looking Statements - This press release contains forward-looking
statements and forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect", "anticipate", "continue",
"estimate", "objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends" and similar expressions are intended to identify
forward-looking information or statements. More particularly and without
limitation, this press release contains forward-looking statements and
information concerning the combined company's working capital and bank facility,
reserves, undeveloped land holdings and anticipated benefits from the
disposition. The forward-looking statements and information are based on certain
key expectations and assumptions made by Storm, including: expectations and
assumptions concerning prevailing commodity prices and exchange rates;
applicable royalty rates and tax laws; future well production rates and reserve
volumes; the timing of receipt of regulatory and shareholder approvals; the
performance of existing wells; the success obtained in drilling new wells; the
sufficiency of budgeted capital expenditures in carrying out planned activities;
and the availability and cost of labour and services. Although Storm believes
that the expectations and assumptions on which such forward-looking statements
and information are based are reasonable, undue reliance should not be placed on
the forward-looking statements and information because Storm can give no
assurance that they will prove to be correct. 


Since forward-looking statements and information address future events and
conditions, by their very nature they involve inherent risks and uncertainties.
Actual results could differ materially from those currently anticipated due to a
number of factors and risks. These include, but are not limited to: the risks
associated with the oil and gas industry in general such as operational risks in
development, exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the uncertainty
of reserve estimates; the uncertainty of estimates and projections relating to
reserves, production, costs and expenses; health, safety and environmental
risks; commodity price and exchange rate fluctuations; marketing and
transportation; loss of markets; environmental risks; competition; incorrect
assessment of the value of acquisitions and dispositions; failure to realize the
anticipated benefits of acquisitions and dispositions; ability to access
sufficient capital from internal and external sources; failure to obtain
required regulatory and other approvals; and changes in legislation, including
but not limited to tax laws, royalties and environmental regulations. There are
risks also inherent in the nature of the proposed disposition, including failure
to realize anticipated production or reserve increases and decreases and
incorrect assessments of values or future capital and operating costs 


Readers are cautioned that the foregoing list of factors is not exhaustive.
Additional information on these and other factors that could affect Storm's
financial results are included in reports on file with applicable securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com), and at Storm's website (www.stormresourcesltd.com). The
forward-looking statements and information contained in this press release are
made as of the date hereof and Storm undertakes no obligation to update publicly
or revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
securities laws. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Storm Resources Ltd.
Brian Lavergne
President and Chief Executive Officer
[phone]


Storm Resources Ltd.
Donald McLean
Chief Financial Officer
[phone]


Storm Resources Ltd.
Carol Knudsen
Manager, Corporate Affairs
[phone]
www.stormresourcesltd.com