February 24, 2009 / 1:40 PM / 9 years ago

UPDATE 1-Storm Exploration Q4 profit tops estimate

* Q4 EPS C$0.13, tops est. by 5 Canadian cents

* Revenue up 39 pct to C$35.4 mln

* Higher production, commodity prices help results

* Sees capex of C$75 mln in 2009

Feb 24 (Reuters) - Canada’s Storm Exploration Inc’s SEO.TO fourth-quarter profit more than doubled, topping analysts’ expectations, helped by higher volumes and commodity prices.

Quarterly net income climbed to about C$6.0 million from C$2.9 million in the year-ago period.

Production rose 36 percent to 8,161 barrels of oil equivalent per day (Boe/d), with natural gas representing 86 percent of the production.

The average realized price per Boe rose 2 percent to C$47.08 from the year-ago period, but fell 23 percent sequentially, reflecting the rapid commodity price decline in the fourth quarter.

The company said production is currently about 8,500 Boe/d and it expects to maintain production at current levels through the first half of 2009.

Storm Explorations expects its exit production or production for the final quarter of 2009 to be about 9,300 Boe/d, up 14 percent compared with a year earlier.

Shares of Storm Exploration closed at C$9.22 Monday on the Toronto Stock Exchange. (Reporting by R. Manikandan in Bangalore; Editing by Deepak Kannan)

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