Storm Ventures Acquires Stake in North Sea V-Fields Area

Storm Ventures International's Aberdeen-based fifty percent owned affiliate, Silverstone Energy, recently concluded a significant farmin in the highly prolific southern North Sea V-Fields area. As part of this farmin, Silverstone has made plans to spud its first offshore operated well in March 2006 with the drilling of the Vanquish prospect. Exploratory tests in this area are forecast to cost approximately US$15 million.

The well will be the first of two commitments to be drilled in 2006 on this large contiguous farmin block on which Silverstone has identified 8-10 prospects each averaging 60-80 Bcf gas in place. We believe this project is an excellent starting point in establishing operating expertise and credibility in a challenging new basin with excellent economics. Our activities, including our share of Silverstone's budget for 2006, will be funded from the proceeds of the Cdn$40 million equity offering which was completed in October 2005.


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