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Surge Energy Inc (Alberta) T.SGY

Alternate Symbol(s):  T.SGY.DB.B | ZPTAF

Surge Energy Inc. is a Canada-based oil focused exploration and production company. The Company’s business consists of the exploration, development and production of oil and gas from properties in western Canada. Its operations include Sparky and SE Saskatchewan. Its supporting assets include Valhalla, and Greater Sawn. The Sparky operation offers light/medium crude oil production with compelling returns. The SE Saskatchewan operation maintains asset base oil operating netbacks. It has low-cost wells with short payouts and the potential for continued area consolidation. The Valhalla operation offers a stacked pay multi-zone potential with light oil and provides a range of area infrastructure and access to multiple egress options supports attractive operating netbacks. Its Greater Swan operation consists of concentrated light oil assets with conventional slave point reefs.


TSX:SGY - Post by User

Comment by CanadianOil2022on Nov 27, 2021 1:47pm
237 Views
Post# 34172331

RE:RE:$12 Surge SGY Soon, 23 New Wells Just Added to Prod. NOV.

RE:RE:$12 Surge SGY Soon, 23 New Wells Just Added to Prod. NOV.

$12 Surge SGY Soon, 23 New Oil Wells Just Added to Production NOV.

23 New Oil Wells Drilled Just Added to Production this NOV. /2021 SURGE ENERGY 100% Success Rate YES 23 NEW OIL WELLS SGY ADDED. 

SURGE ENERGY SGY Added 23 New OIL Wells just coming on Production NOVEMBER/2021 with 100% Successfully bringing in these 23 New OIL Wells plus strategic acquisition of Astra Oil Corp. ("Astra"), adding highly concentrated light oil reserves, production, land, and operations in SE Saskatchewan. Subsequent to the quarter, on November 1, 2021 the Company announced the closing of the acquisition of Fire Sky Energy a private company with light oil assets focused in SE Saskatchewan for total consideration of $58 million. The Fire Sky acquisition expands Surge's position in its new SE Saskatchewan core area, adding an additional 1,500 boepd of light oil production.

These two strategic acquisitions are consistent with  of acquiring high quality, operated, light and medium gravity, conventional crude oil reservoirs with large original oil in place ("OOIP1) and low recovery factors. Following these acquisitions, Surge is now a 22,000 boed (86 percent liquids) intermediate light and medium gravity oil producer, with over 975 internally estimated net development drilling locations2, providing an estimated 13 year development drilling inventory2.

In addition to the acquisitions the Company has now completed its 2H/21 23 gross (23.0 net) well Sparky drilling program, with a 100% success rate. All of the wells from the 2H/21 Sparky drilling program are scheduled to be on stream and optimized prior to the end of November 2021 Cheers 
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