SEPTEMBER 2006 UPDATE

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SEPTEMBER 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 280 million (6.50/share).
• Management and Board ownership 29 (33 FD).
• Production currently 5,700 Boe/day (84 gas).

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OVERVIEW

• Experienced management team.
• Consistent per share growth since inception 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
• 20 exploitation projects) on a large
  undeveloped land base.
• Competitive cost structure being maintained.
• 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 270,000 net
acres. Peace River Arch, Alberta BC -
48,000 net undeveloped acres.
Cabin/Kotcho/Junior, NE B.C. - 40,000 net
undeveloped acres. Red Earth, Alberta -
105,000 net undeveloped acres. Other Areas -
77,000 net undeveloped acres.
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PEACE RIVER ARCH (PRA)

• Natural gas light oil.
• 48,000 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.
• - 3,700 Boe/d current estimate.
• 2005 Results
• - 18 wells drilled (11.6 net).
• - 78 successful.
• 2006 Activity
• - 21 wells (15.7 net).
• - H2/06 15 wells (11.7 net).
• - 32 MM capex.
• - 83 success year to date
• (10 for 12 to end of Aug/06).

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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.
• 21,000 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.
• - 2,600 Boe/d current estimate.
• 2006 Activity
• - 10 wells (7.1 net).
• - 80 success to date
• (4 for 5 to end of Aug/06).
• Project inventory includes
• - 24 locations including 12 infills.
• - 9 workovers and reactivations.
• - 2 compression projects.

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CABIN/KOTCHO/JUNIOR

• Targeting high impact prospects.
• Natural gas from Slave Point, Debolt.
• 40,000 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.
• - 1,600 Boe/d current estimate.
• Winter 2005 - 2006 results
• - 4 wells (1.6 net) with 100 success.
• - 9 MM capex.
• 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.

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RED EARTH

• Light oil with high netbacks.
• Granite Wash, Slave Point light oil.
• 105,000 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.
• - 350 Boe/d current estimate.
• 2006 Activity
• - 12 wells (7.1 net).
• - 60 success to date
• (6 for 10 to end of Aug/06).
• - 7 MM capex.
• Project inventory includes
• - 12 locations.
• - 3 workovers.

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RECENT ACTIVITY

• Drilled 10 wells with 80 success in Q3 to the
  end of August.
• 7 gas wells (4 net), 1 oil well (0.6 net), 2 DA
  (1.1 net).
• Current production has grown to 5,700 Boe/d.
• Another 300 Boe/d awaiting tie-in by
  mid-September.
• Another 150 Boe/d awaiting compressor upsize.
• Q3 production affected by Ft Nelson plant
  turnaround.
• Costless collar in place to ensure winter program
  is funded.
• 12,500 mcf/d (13,000 GJ/d) for Nov/06 to Mar/07.
• 8.60/GJ floor and 10.85/GJ ceiling.
• Disposition of Brazeau property closed August 1
  for 9,500,000.
• Asset acquisition closed June 15 for 40,000,000.
• 1,000 Boe/d and 2.2 MM Boe of PPA reserves.

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RESERVES
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H1 2006 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.
• 31 million available to fund future activities.
• Onshore and offshore blocks in Tunisia 1.25
  million acres each.
• First onshore well recovered non-commercial
  quantities of oil.
• Second onshore well to be drilled in 2007.
• Offshore 3-D planned for late 2006.
• 50 ownership of subsidiary active in the UK
  North Sea.
• Eight to ten gt50 BCF prospects on Viking Fields
  farm-in.
• First farm-in well discovered a new gas pool.
• Next two farm-in wells to be drilled in the fall
  of 2006.
• Well targeting oil planned in early 2007 on the
  Quad 9 block.

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SUMMARY

• Strong per share growth since inception in July,
  2004.
• Momentum continues to build - excellent results
  to date in 2006.
• Competitive cost structure (FD, operating costs,
  GA).
• Inventory of 70 drilling locations and 20
  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