Surge Energy Inc (Alberta) T.SGY

Q3 '21 Net Debt Down $50,203,000.00 From Q3 '20

[geezer21]

in thousands                                  9 Months             
                                                    Sep 30 '21    Sept 30 '20

Net & Comprehensive Income     364,740      - 689,570
  Income per share diluted              7.63            (17.51)


Assets                                          1,156,821      707,964
Shareholder Equity                       1,595,569   1,482,249
Deficit                                           1,242,109    1,549,122

Total Shareholder Equity                410,096      (9,722)

___________________________________________________

 Change from first 3 quarters 2020 to first 3 quarters 2021

-  Net and Comprehensive income up  $1,054,310,000
-  Income per diluted share             up  $25.24
-  Assets                                          up   $448,857,000
-  Deficit                                       down  $307,013,000

-  Total Equity                                  up   $419,818,000

Change in Q3 2021 Net Debt from Q3 2020

                                                    Down  $50,203,000
Financial Report:

https://www.surgeenergy.ca/wp-content/uploads/2021/11/Q3-2021-FS-SEDAR-Final.pdf

[Kontrary]

They sold $106M worth of assets back in March and reduced their bank debt (at that point) by $100M. That brought it down to $292.8M at the end of Q2 and reduced their production by 2,224 boepd.  As for the difference in Earnings between years, that's primarily due to a reversal in an impairment charge due to changes in reserve valuations due to price differences between March 2020 and

[geezer21]

https://stockhouse.com/companies/bullboard/t.sgy/surge-energy-inc?postid=34133570 "As for the difference in Earnings between years, that's primarily due to a reversal in an impairment charge due to changes in reserve valuations due to price differences between March 2020 and March 2021." - Kontrary A reversal in an asset is an increase wealth.  The rise in oil prices made

[Kontrary]

It is a non-cash item that is largely meaningless. Oil and Gas companies have to value ALL of their reserves every year based on pricing assumptions made at the time the valuation is done.If you go back through the annual reports, you will see this number flipping back and forth each year.  There was no reason to panic when Surge reported a massive loss in 2020 due to an impairment and there

[geezer21]

https://stockhouse.com/companies/bullboard?symbol=t.sgy&postid=34134437 "It is a non-cash item that is largely meaningless. Oil and Gas companies have to value ALL of their reserves every year based on pricing assumptions made at the time the valuation is done.If you go back through the annual reports, you will see this number flipping back and forth each year."  - Kontrary A