Surge Energy Inc (Alberta) T.SGY

How much Debt does Surge Energy have now?

[Tanman1914]

Does anyone know what Surge Energy total debt is now? 

I have a hard time understanding all of the credit facility mambo jumbo that they have if anyone doesn't mind explaining it to me in easy terms please.

Thanks,

Tanman

[Chris007]

At the end of Q3, bank debt was 296,055,000 and there was also 70,536,000 in convertible debs. who knows how much of the bank debt they managed to pay down in Q4...we'll receive more info on this with the year end results That being said, today's asset sale announcement is a pretty substantial development in regard to the company's deleveraging efforts.

[WhatsBestNext]

Tanman, About $370 million total debt at end of Q3 2020 (see page 17 here: https://www.surgeenergy.ca/wp-content/uploads/2020/11/SGY-Q32020MDA-SEDAR.pdf). They explain fairly clearly I'd say in that document.  But Q4 earnings are due to be reported soon, so keep that in mind. 

[burnout29]

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[Tanman1914]

Thanks Guys!

[Dumpinvestor]

So if they pay down $106 mil, plus some in q4(if they do)... the debt should be less than 264 mil?..thanks

[brewster123]

The $106 million must be in USD.....Tamarack is reporting the purchase as $136 million in CAN$.

[Tanman1914]

That would be great if it is in USD!

[Herfa1]

Sorry to burst your Bubble, but Surge will not have paid debt in the last quarter, they probably increased their debt to finance the fourh quarter dficit. They also said that they used 39M of that 106M to pay for the first quarter of 2021 Exploration cost. I expect at 2020 year end the total debt should be around 390M. With the proceed of disposal left 67M and the estimated cash flow of 25M for

[ppp]

That 39 mil capex was for the 1st half not the first quarter. So IMO Cf for Q1 and Q2 should cover the 39 mil Capex. The company stated that all money will be going against debt. Proceeds from the sale will have a significant immediate, positive impact on the company, reducing Surge's bank indebtedness by over $100-million, and generating annual interest expense savings of approximately $10

[Dumpinvestor]

I just got in sgy about 67000 shares, at .64 last friday. Cj has less debt, higher operating cost, less production in compare to sgy.. I'm in debate..should I sell sgy and buy cj or buy both?.. I do have a lot of vet and pey.. I think oil sector will be good investment..what you guy think between sgy and cj?.thanks

[ppp]

They also stated they spent 9 mil for drilling in Q4, So they would have had more than enough CF to cover that. So based on that, after the sale debt will be 270 mil. Add to that FCF for 21 of about 30 mil. based on 55 mil Capex and 80 to 90 mil CF. So exit 21 debt should be 230 to 240 mil. These guys went from zeroes to heroes.

[DavidSummers]

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[DavidSummers]

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[masfortuna]

So last year at this time Herffy they has 25 million FCF and no dividend and 390 million in debt. Plus their production is up about 25% from Q4 2021. Patience mate.

[Herfa1]

Sorry Masfortuna if I am not happy. I have been here over 5 years. I stiked with it because Paul was going to take action so banks would not forced him to sell asset to repay them. In 2020, bank debt, term debt and debenture totaled 365M as of december 31, 2020. He was forced to sell asset and as of Dec. 31 2021 those 3 totaled 305M. They are still totaling 305M as of March 31 2022. I am positive

[masfortuna]

It's all good mate. Keep in mind that those hedges have been forced on him as part of the refinance deal he struck.  Unless he increases production and sells more oil, that debt  at 25 million fcf would take 3 years+ to pay off.  This is how I see it. With the wells that are coming on line  and higher oil prices, the fcf should be closer to 65 million in q2. For q3, q4

[Herfa1]

Umm... cj, wcp, Tve, cpg are all up while we are down close to 4%. I guess the market did not like our result. Is he going to get it one day?