JUNE 2005 UPDATE

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JUNE 2005 UPDATE
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OVERVIEW

• TSX LISTING SYMBOL SEO
• EXPLORCO COMPANY FROM SALE OF STORM ENERGY LTD.
  TO HARVEST ENERGY TRUST JULY 1, 2004
• 38.7 MILLION SHARES (41.4 MILLION FULLY DILUTED)
• MARKET CAPITALIZATION 145 MILLION (3.75 /
  SHARE)
• MANAGEMENT AND BOARD OWNERSHIP 25 (31 FD)
• CURRENTLY 3,500 BOE / DAY (17 MMCF/D, 670 BBL/D)

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CONTINUITY OF MANAGEMENT Matt Brister, Chairman
of the Board (President CEO of Storm Energy
since Nov/98) 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)
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GROWTH STRATEGY

• GROWTH THROUGH
• EXPLORATION
• EXPLOITATION
• ACQUISTIONS
• CASH FLOW USED TO FUND EXPLORATION AND
  EXPLOITATION.
• DEBT AND EQUITY (when required) USED TO FUND
  ACQUISITIONS.

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MAJOR OPERATING AREAS

• Total undeveloped land is 285,000 net acres
• Peace River Arch
• - 33,000 net undeveloped acres
• - Parkland is 24,000 net undev. acres (65
  W.I.)
• Brazeau/Pembina, Alberta- 12,000 net undeveloped
  acres
• Cabin/Kotcho/Junior, NE B.C.
• - 17,000 net undeveloped acres
• Red Earth, Alberta
• - 115,000 net undeveloped acres
• Other Areas (108,000 net undeveloped acres)
• - Morse, Alberta (50,000 net acres)
• - Tommy Lakes, NE BC (7,800 net acres)

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PEACE RIVER ARCH

• Natural gas light oil
• Charlie Lake, Doig, Halfway,
• Bluesky, Montney
• 33,000 acres undeveloped land (Parkland 24,000
  net)
• Typical well
• 50-300 boe/d prodn
• 75 to 500 Mboe reserves
• 500 - 1,100 M/well D C
• Currently 1,950 Boe/d
• 2 wells drilled in 2004
• result 1 gas well
• 2005 activity
• 2 wells Q1 (55 WI)
• 12 wells Q3, Q4 (65 WI)
• 15 workovers, reactivations, and
• tie-in projects (5 done in Q1)
• 2005 spending 18 MM
• Inventory of 14 drilling locations
• at Parkland

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CABIN/KOTCHO/JUNIOR

• Natural gas
• Slave Point
• 17,000 acres undeveloped land
• 3-D seismic coverage
• Typical well
• 300-500 boe/d prodn
• 500-800 Mboe reserves
• 1,800 M/well D C
• Currently 1,000 boe/d
• 2 wells drilled in Q4, 2004
• result 1 gas well
• Q1, 2005 activity
• 2 wells (50 WI)
• major facility/pipeline project at Junior
• 2005 spending 9 MM

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RED EARTH

• Oil and natural gas
• Slave Point, Granite Wash, Basal Cretaceous gas
• 115,000 acres undeveloped land
• Typical well25 to 150 boe/d prodn75 to 250
  Mboe reserves
• 200 to 800 M/ well D C
• Currently 50 boe/d
• 8 wells drilled in 2004result 2 oil wells, 2
  gas wells
• 2005 activity8 wells (55 WI)
• 2005 spending 2 MM

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BRAZEAU/PEMBINA

• Oil and natural gas
• Nisku, Rock Creek, Nordegg, Ostracod, Belly River
• 12,000 acres undeveloped land
• 3-D Seismic coverage
• Typical well50 1000 boe/d prodn75 to 750
  Mboe reserves
• 1,200 to 2,500 M/well D C
• Currently 500 boe/d
• 2 wells drilled in 2004result 1 oil well, 1 gas
  well
• 2005 activity2 Ost/Rock Crk wells (70 WI)1
  Nisku well (22.5 WI)
• 2005 spending 3 MM

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2004 RESULTS Year End
Inception December 31, 2004
July 1, 2004 ChangeRESERVESTotal
Proved 5,713 MBOE 3,220 MBOE
77 Proved Probable 7,725 MBOE
4,046 MBOE 91
PRODUCTION 2,750 BOE/D 900
BOE/D 205 Per Million shares FD
66 26
155 PROVED PROBABLEF, D A COSTS
13.75 / BOECapital spending totaled 57.5
million and included - 38 million
acquisition significantly expanded Peace River
Arch core area - large investment in
facility and pipelines at Parkland - drilled
14 wells (10 net)
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FIRST QUARTER RESULTS Q1/05 Q4/04 ChangeA
verage Production boe/d 2,933 1,727
72 Field Netback per
boe 27.79 24.40 14Cashflow (000s)
6,700 3,454 94
per share
0.17 0.09
89 per boe 25.45 21.73
17 Net Income (000s) 3,073 5,586
-45 per share 0.08
0.l6 -50
normalized 0.08 0.04 100 Cash
Costs per boe 9.14 8.73
5 GA
1.18
1.72
Operating Costs 6.86 6.15
Interest Expense
1.10 0.86
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FIRST QUARTER HIGHLIGHTS

• Two new pool discoveries in the Peace River Arch
  to be producing by late June
• Exit rate of 3,500 boe/d represents 289 growth
  since inception 9 months ago
• Current rate of 3,500 boe/d with 200 boe/d
  shut-in due to facility constraints
• Capital spending net of dispositions totaled
  10.3 million which added 950 boe/d
• Reactivated 3 wells
• Tied in 2 standing wells
• Equipped 2 gas wells with artificial lift
• Completed 4 workovers
• Sold 50 boe/d
• Parkland drilling inventory has expanded to 14
  locations
• Bank facility has been expanded to 33 million
  from 24 million
• Debt at end of Q2 expected to be 27 million

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2005 OUTLOOK

• 2004
• 2005 Actual
• Forecast (6 months)
• Capital Budget (000s) 32.0 (was 26.0)
  57.5
• Wells Drilled 28 (17 net) 14 (10
  net) was 20 (14 net)
• Average Production boe/d 3,600 -
  3,800 1,366
• Royalty Rate 28
  30 Cash GA 1.50
  2.85
• Operating Costs 6.50 6.20

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2005 CASHFLOW ESTIMATE

• 2004
• 2005 Actual
• Forecast (6 months)
• Cashflow (000s) 32.0 (was 26.0)
  6.5
• per share - diluted 0.80 0.19
• Year End Debt net of dispositions (000s) 26.0
• 0.8 X 05 cashflow
• Pricing Assumptions Uses Q1/05 Pricing
• Oil US 50/bbl WTI
• Gas CDN 6.55/GJ
• FX US 0.82/CDN 1

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2005 CASHFLOW SENSITIVITY

• Effect on 2005 Cashflow
• Per Share
• (000s) Diluted
• Oil Liquids US 1.00 per Bbl 180
  0.004
• Gas 0.25 per Mcf 1,200 0.029
• US 0.01/CDN exchange rate 500 0.012
• 1 change in interest rate 70 0.002
• Oil Liquids 100 Bbls/day 1,500
  0.036
• Natural gas 1 mmcf/day 1,800 0.043

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SUMMARY

• Large undeveloped land base available to be
  monetized
• 2005 capital program balanced between exploration
  and exploitation activities
• Reasonable exposure to high risk, high impact
  exploration activities
• Over 150 million of tax pools / losses
• 26 investment in Storm Ventures International

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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.