Surge Energy Inc (Alberta) T.SGY

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

Energy Oil & Gas E&P

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

Surge Energy Inc (Alberta)

Bullboard Posts

Comment by PUNJABIon Jul 27, 2015 8:15pm

239 Views

Post# 23965183

RE:2nd Qtr. Financials

You are right. June end 2015 QRT results will show the impact of sale & debt reduction. Because the sale was closed on June 15, 2015 which is before the qrt end date of June 30, 2015. Both TOG & SGY. had issued new releases on June 15, 2015 confirming the closing of the deal. SGY balance sheet will show reduced debt.

According to SGY news release on June 15, 2015

Surge Energy Inc. has successfully closed its previously announced $430-million sale of assets in southeast Saskatchewan and Manitoba. Surge also had its bank line confirmed by the company's bank syndicate at $425-million -- after the sale of assets described above -- with current net debt of approximately $122-million.

Correction

SGY capex for 6 months is $42.6m & not $46m as stated earlier by me.

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