off topicI sure everybody remembers when resource companies were changing to software Co.'s well now the reverse is happening,
Storm Exploration reports short-quarter profit of $5.1 million
2005-02-28 07:49:00
CALGARY (CP) - Storm Exploration Inc., a former software company that converted into an energy firm and changed its year-end to Dec. 31 from Oct. 31, is reporting a two-month profit of $5.1 million.
Earnings for the short quarter ended Dec. 31 amounted to 14 cents per share diluted, the Calgary-based firm (TSX:SEO) reported Monday.
For a 14-month reporting period, earnings were $6.5 million or 18 cents per share.
Last July 1, Storm acquired oil and gas assets under a plan of arrangement. The company's previous business, software development, was largely inactive
after Nov. 1, 2003.
Since the conversion, capital expenditures have totalled $57.6 million, of which $37.7 million was for property acquisitions. A field program resulted in the drilling of 14 wells, of which 12 were company-operated.