NOVEMBER 2006 UPDATE

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NOVEMBER 2006 UPDATE
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INTRODUCTION

• TSX listing symbol SEO.
• Explorco company with 900 Boe/d formed from sale
  of Storm Energy Ltd. to Harvest Energy Trust July
  1, 2004.
• 43 million shares (45 million fully diluted).
• Market capitalization 290 million (6.75/share).
• Management and Board ownership 29 (33 FD).
• Production currently 5,500-5,700 Boe/day (85
  gas).

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OVERVIEW

• Experienced management team.
• Significant per share growth has been generated
  by
• Using cash flow to fund exploration and
  exploitation.
• Using debt and equity to fund acquisitions.
• Nearly two years of project inventory (70
  drilling locations and
• 25 exploitation projects) on a large
  undeveloped land base.
• Cost structure trending down.
• Exposure to higher impact international
  opportunities.

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MANAGEMENT Eric Blakely, VP Exploration
(Manager, Exploration with Storm Energy Ltd,
joined Dec/98) Harry Ediger, VP Land (VP
Land with Storm Energy Ltd, joined May/99)
Brian Lavergne, President CEO (VP Operations
COO with Storm Energy Ltd, joined Dec/98)
Don McLean, VP Finance CFO (VP Finance and CFO
with Storm Energy Ltd, joined Sep/01) Rob
Tiberio, VP Operations COO (VP Production
with Storm Energy Ltd, joined Dec/01)
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GROWTH SINCE INCEPTION
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MAJOR OPERATING AREAS
Large undeveloped land base totals 244,000 net
acres. Peace River Arch, Alberta BC -
52,000 net undeveloped acres.
Cabin/Kotcho/Junior, NE B.C. - 42,000 net
undeveloped acres. Red Earth, Alberta -
93,000 net undeveloped acres. Other Areas -
57,000 net undeveloped acres.
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PEACE RIVER ARCH (PRA)

• Natural gas light oil.
• 52,000 net undev acres (64 WI).
• Typical well (05 actual results)
• - 120 Boe/d.
• - 250 Mboe PPA.
• - 1,300M to drill, complete.
• Production
• - 1,860 Boe/d 05 average.
• - 4,000 Boe/d current estimate.
• 2006 Activity
• - 23 wells (16.1 net).
• - 35 MM capex.
• - 85 success year to date
• (17 for 20 to end of Oct/06).
• Low risk area with 82 drilling success since
  July/04 (32 for 39).

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PRA PARKLAND PROPERTY

• Emerging area
• with significant
• growth potential.

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PRA PARKLAND WELL PRODN

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PRA GRANDE PRAIRIE PROPERTY

• Exploitation of large oil and gas pools.
• Natural gas and oil from Montney, Doig, Halfway,
  Charlie Lake, Gething, Doe Creek.
• 25,000 net undev acres (56 WI).
• Typical well
• - 50 to 300 Boe/d.
• - 275 Mboe PPA (05 actual).
• - 1,300 M drill complete.
• Production
• - 1,300 Boe/d average in 2005.
• - 2,800 Boe/d current estimate.
• 2006 Activity
• - 11 wells (7.0 net).
• - 78 success to date
• (7 for 9 to end of Oct/06).
• Project inventory includes
• - 26 locations including 10 infills.
• - 10 workovers and reactivations.
• - 2 compression projects.

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CABIN/KOTCHO/JUNIOR

• Targeting high impact prospects.
• Natural gas from Slave Point, Debolt.
• 42,000 net undev acres (60 WI).
• Typical well
• - 400 Boe/d (3 mmcf/d raw gas).
• - 700 Mboe PPA reserves (5 BCF).
• - 2,100 M drill, complete.
• Production
• - 800 Boe/d 05 average.
• - 1,250 Boe/d current estimate.
• Winter 2006 - 2007 plans
• - 5 Slave Pt (2.7 net) and 2 Debolt (2 net).
• - 7 to 8 MM capex.
• Project inventory includes
• - 15 locations including 2 infills.
• - 1 workover.
• - Potential Jean Marie horizontals.
• Medium risk area with 62 drilling success since
  July/04 (5 for 8).

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RED EARTH

• Light oil with high netbacks.
• Granite Wash, Slave Point light oil.
• 93,000 net undev acres (93 WI).
• Typical well
• - 75 Boe/d (Granite Wash).
• - 150 Mboe PPA reserves.
• - 900 M drill, complete.
• Production
• - 40 Boe/d 05 average.
• - 250 Boe/d current estimate.
• 2006 Activity
• - 11 wells (5.7 net).
• - 70 success to date
• (7 for 10 to end of Oct/06).
• - 7 MM capex.
• Project inventory includes
• - 12 locations.
• - 3 workovers.

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RECENT ACTIVITY

• Drilled 14 wells with 93 success in Q3
• - 11 gas wells (8.2 net), 2 oil wells (1.2
  net), 1 DA (0.2 net).
• Current production is 5,500 to 5,700 Boe/d with
  another 700 Boe/d to be added by early December.
• 300 Boe/d awaiting tie-in (3rd quarter wells).
• 400 Boe/d awaiting facility expansions.
• Q4 activity will include
• - drilling 9 wells (5.6 net) 100 success on
  first four wells.
• - two compression projects and expansion of
  Parkland facility.
• Hedges in place to ensure winter program is
  funded by cash flow.
• 18,900 mcf/d (18,000 GJ/d) for Nov/06 to Mar/07.
• 8.35/GJ average floor.

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RESULTS
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NETBACKS
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OUTLOOK
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STORM VENTURES INTERNATIONAL (SVI)

• Storm holds 4.1 MM shares (16 ownership) with
  last equity issue at 4/share in October, 2005.
• To fund future capital requirements, SVI plans to
  raise 45 MM by year-end through a marketed share
  issuance at 6/share.
• Onshore and offshore blocks in Tunisia 1.25
  million acres each.
• Onshore well to be drilled in 2007.
• Offshore 3-D planned for summer 2007.
• 50 ownership of subsidiary active in the UK
  North Sea.
• Eight to ten prospects gt50 BCF on Viking Fields
  farm-in.
• Two farm-in wells drilled to date discovered new
  gas pools.
• Next farm-in well to spud in late November.
• Well targeting oil in the Mariner-Gryphon area
  in 2007.

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SUMMARY

• Proven business plan with strong per share growth
  since inception.
• Momentum continues to build - excellent results
  to date in 2006.
• Competitive cost structure (FD, operating costs,
  GA).
• Inventory of 70 drilling locations and 25
  exploitation projects on
• a large undeveloped land base.
• Provides for nearly two years of activity.
• Diversified with success not dependent on any one
  play type.
• Investment in SVI provides exposure to larger
  scale international opportunities.

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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.

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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