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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 (E&P) company. The Company's business consists of the exploration, development and production of oil and gas from properties in Western Canada. It holds focused and operated light and medium gravity crude oil properties in Alberta, Saskatchewan and Manitoba, characterized by large oil in place crude oil reservoirs with low recovery factors. It offers exposure to two of the five conventional oil growth plays in Canada: the Sparky and SE Saskatchewan. It holds a dominant land position and is drilling a mix of horizontal multi-frac and horizontal multi-lateral wells in the Sparky area. Sparky is a large, well established oil producing fairway in Western Canada. SE Saskatchewan is a focused operated asset base with light oil operating netbacks. SE Saskatchewan operates low-cost wells with short payouts and offers potential for continued area consolidation.


TSX:SGY - Post by User

Comment by CanadianOil2022on Nov 27, 2021 1:47pm
252 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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