Surge energy is just now adding the 23 additional oil wells it successfully drilled weeks ago 
With 23,000 boed oil production vs only 19,000 boed for cardinal energy which literally trade at twice the price of surge but yet Surge produces more oil daily 
Raymond James was correct $12 is coming because their waterfloods mean very low declines and 13 years of drilling inventory for New wells.

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Raymond James estimate of $12 may well end up being correct by middle to late next year.   

While the market has no love for Surge right now behind the scenes  things are changing quickly for the company. They just purchased another 5500 barrels of oil production and a lot of hedges will be rolling off in the new year only 1.5 months away. 

Unfortunately for SGY shareholders the 3rd. quarter had a lot of hedging losses. The 4th. quarter should also have a lot of hedging losses but their should be increased cashflow from the recent asset purchases. The full impact of much reduced hedges and the increased cashflow from the recent asset purchases wont be fully felt until the first quarter of next year which wont be announced in the quarterly financial statement until well after that. 

So barring a continued rise in oil prices there does not appear to be a lot of good news that will help the Surge shareprice in the next few months. With tax loss season around the corner i would not be surprised to see the Surge shareprice which is already tanking at a good pace quite a bit lower by the end of the year. 

If and when that happens i will be loading the boat because unless we have a major collapse in oil prices which is always possible and oil remains in the $80 range surge will be generating a lot of  Free cashflow  and paying off a lot of debt next year. 

For example if the Surge shareprice gets down to $4 during tax loss season  that would make Surges market cap around $330 million. At $80 oil they will generate aprox. $160 million in free cashflow. That is quite close to a 50% cash yield at $4 per share.

It appears to me that there is a good chance of things heading towards Surge shares being a possible 3 to 4 bagger by sometime in the middle of next year.

Thats good enough for me.