MAY 2006 UPDATE

1
MAY 2006 UPDATE
2
OVERVIEW

• TSX listing symbol SEO.
• Explorco company with 900 Boe/d formed from sale
  of Storm Energy Ltd. to Harvest Energy Trust July
  1, 2004.
• 40.0 million shares (42.0 million fully diluted).
• Market capitalization 250 million (6.25/share).
• Management and Board ownership 27 (31 FD).
• Production currently 4,500 Boe/day (81 gas).

3
MANAGEMENT Brian Lavergne, President CEO
(VP Operations COO with Storm Energy, joined
Dec/98) Don McLean, VP Finance CFO (VP
Finance and CFO with Storm Energy, joined
Sep/01) Eric Blakely, VP Exploration (Mgr,
Exploration with Storm Energy, joined Dec/98)
Rob Tiberio, VP Operations COO (VP Production
with Storm Energy, joined Dec/01) Harry Ediger,
VP Land (VP Land with Storm Energy, joined
May/99)
4
BOARD OF DIRECTORS Matt Brister, Chairman
CEO, Storm Ventures International Inc
John Brussa Partner, Burnet
Duckworth Palmer Mark Butler
President, WestPac Terminals Inc Stuart Clark
Chairman, Focus Energy Trust Brian
Lavergne CEO, Storm Exploration
Inc. Henry Lawrie Former Chief
Accountant, Alberta Securities Commission
Gregory Turnbull Partner, McCarthy
Tetrault P. Grant Wierzba
Director, Storm Ventures International Inc
5
GROWTH STRATEGY

• Growth through
• Exploration
• Exploitation
• Acquisitions
• Focus on per share growth by
• Using cash flow to fund exploration and
  exploitation
• Using debt and equity to fund acquisitions
• Operating practices emphasize
• Diversify drilling program
• Constantly high grade projects
• Continuously work at reducing cost structure

6
MAJOR OPERATING AREAS
Total undeveloped land is 266,500 net acres.
Peace River Arch, Alberta BC -46,800 net
undeveloped acres. Brazeau/Pembina, Alberta-
14,000 net undeveloped acres.
Cabin/Kotcho/Junior, NE B.C. - 28,200 net
undeveloped acres. Red Earth, Alberta -
105,800 net undeveloped acres. Other Areas -
71,700 net undeveloped acres.
7
PEACE RIVER ARCH (PRA)

• Natural gas light oil.
• Charlie Lake, Doig, Halfway,
• Bluesky, Montney formations.
• 46,800 net undev acres (64 WI).
• Typical well
• - 120 Boe/d (05 actual).
• - 250 Mboe PPA reserves.
• Well costs
• - 500 to 1,200M drill,
• complete.
• Production
• - 1,870 Boe/d 05 average.
• - 2,625 Boe/d current estimate.
• 2005 Results
• - 18 wells drilled (11.6 net).
• - 78 successful.
• 2006 Activity
• - 30 wells (19.8 net).
• - 35 MM capex.

8
PRA PARKLAND PROPERTY
9
PRA PARKLAND WELL PRODN

10
PRA - TEEPEE/LA GLACE PROPERTY
11
PRA POUCE COUPE PROPERTY

• Belloy, Doig, Gething, Cadomin,
• Halfway.
• Typical well
• - 50 to 500 Boe/d.
• - 250 Mboe reserves (05 PPA)
• Well costs 500 to 1,300 M
• drill, complete.
• Production
• - 230 Boe/d average in 2005.
• - 650 Boe/d current estimate.
• 2005 Results
• - 5 wells drilled (2.7 net).
• - 60 successful.
• 2006 Activity
• - 7 wells (4.4 net)

12
CABIN/KOTCHO/JUNIOR

• Natural gas.
• Slave Point, Debolt formations.
• 28,200 net undev acres (60 WI).
• Typical well
• - 400 Boe/d (3 mmcf/d raw gas).
• - 700 Mboe PPA reserves.
• Well costs
• - 2,000 M drill, complete.
• Production
• - 800 Boe/d 05 average.
• - 1,000 Boe/d current estimate.
• Winter 2004 - 2005 Results
• - 4 wells drilled (1.8 net).
• - 25 successful.
• Winter 2005 - 2006 Activity
• - 3 wells (1.4 net)
• - 100 successful.
• - 8 MM capex.
• - 3-Ds at Cabin, Junior

13
RED EARTH

• Light oil and natural gas.
• Granite Wash (primary), Slave Point, Basal
  Cretaceous formations.
• 105,800 net undev acres (93 WI).
• Typical well
• - 75 Boe/d (Granite Wash).
• - 150 Mboe PPA reserves.
• Well costs
• - 350 to 900 M drill, complete.
• Production
• - 40 Boe/d 05 average.
• - 275 Boe/d current estimate.
• 2005 Results
• - 3 wells drilled (1.8 net).
• - 67 successful.
• 2006 Activity
• - 8 Granite Wash wells (4.8 net).
• - 4 shallow gas wells (3.1 net).
• - 6 MM capex.

14
BRAZEAU/PEMBINA
15
PRODUCTION
16
RESERVES AT DECEMBER 31, 2005
17
2005 RESULTS
18
Q1 2006 RESULTS
19
OPERATING NETBACKS
20
RECENT ACTIVITY

• Drilled 13 wells in Q1 2006 with 77 success.
• 10 oil and gas wells (5.4 net), 3 DA (1.4 net).
• 100 success at Cabin drilling 3 wells (1.3 net).
• Four wells (2.3 net) remain to be completed and
  tied in during Q2 and Q3.
• Current production 4,500 Boe/d.
• Q2 and Q3 production will be affected by plant
  turnarounds.
• On track to achieve 2006 exit rate of 5,000
  Boe/d.
• Asset Acquisition for 40,000,000.

21
ASSET ACQUISITION HIGHLIGHTS

• Effective May 1, closing June 15.
• 1,000 Boe per day (75 natural gas).
• 600 Boe per day in Peace River Arch.
• 400 Boe per day in Cabin/Kotcho/Junior.
• Undeveloped land totals 13,000 net acres.
• PPA reserves 2.23 million Boe based on
  internal evaluation.
• 17.00/boe net of 2 MM undeveloped land value.
• Operating netbacks same as Storms existing
  properties.
• Adds 10 drilling locations and 5 workovers.
• Storms forecast 2006 exit rate increases to
  5,900 Boe per day.

22
2006 OUTLOOK
23
STORM VENTURES INTERNATIONAL

• Storm holds 4.1 MM shares or 16 ownership.
• Last equity issue at 4/share private placement
  October, 2005.
• One onshore and one offshore block in Tunisia
  1.25 million acres each. First onshore well
  recovered non-commercial quantities of oil.
  Offshore 3-D planned for 2007. Continuing to
  evaluate geological leads with second onshore
  well in 2007.
• 50 ownership of company with farm-in in the
  Viking Fields area of the UK North Sea. Eight to
  ten gt50 BCF prospects identified. First well
  discovered a new gas pool development plan
  pending full analysis of well data.

24
SUMMARY

• Strong per share growth in 2005.
• Excellent results to date in 2006.
• Focus on maximizing capital efficiency.
• Inventory of 75 drilling locations on large
  undeveloped land base.
• Similar in quality to what was successful in
  2005.
• Diversified portfolio, not dependent on any one
  play type
• for success.
• 16 investment in Storm Ventures International.

25
Disclaimer

• Certain information regarding Storm, set
  forth in this presentation, including
  managements assessment of future plans and
  operations, contains forward-looking statements.
  These forward-looking statements are subject to
  numerous risks and uncertainties, certain of
  which are beyond Storms control, including the
  impact of general economic conditions, industry
  conditions, volatility of commodity prices,
  currency fluctuations, imprecision of reserve
  estimates, environmental risks, competition from
  other producers, the lack of available personnel
  or management, stock market volatility and
  ability to access sufficient capital from
  internal and external sources. Storms actual
  results, performance or achievement could differ
  materially from those expressed in, or implied
  by, these forward-looking statements and,
  accordingly, no assurance can be given that any
  events anticipated by the forward-looking
  statements will transpire or occur, or if any of
  them do so, what benefits Storm will derive
  therefrom.

26
STORM EXPLORATION INC

• For further information please contact
• Brian Lavergne, President and Chief Executive
  Officer
• Donald McLean, Vice President and Chief
  Financial Officer
• Address
• 3250, 205 5th Avenue SW, Phone (403) 264
  3520
• Calgary, Alberta, T2P 2V7 Fax (403) 264
  3552
• E-mail info_at_stormexploration.com
• Website www.stormexploration.com