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

Post by PUNJABIon Aug 26, 2015 8:19am

216 Views

Post# 24051684

Buy Back confusion

SGY announced that the buyback started on Aug 24. No insider trades were reported for that day. Either no shares were bought on that day or they were not properly coded with the right markers .

Yesterday insider report on TMX shows that 331100 shares were bought by insider & 23900 shares sold by insiders. Net volume buys 307200. If you look at Broker 11 total volume they only bought 296000 shares on Aug 25. Amount reported as insider buys are below the daily quota & do not reconcile with the purchases of # 11. Two day volume of #11 is 392100 which is much higher than the quantity reported. There were no sales by #11 on both days.
23900 insider sale could have been a trading mistake by 11 but there are no sales in their house position.

I think of few possible explanations. Nothing was bought on Aug 24 or they did not code the account correctly as insider account so nothing was reported.

Regarding yesterdays reported trades #11 may have bought 331100 shares & sold 23900 by mistake. The trader may have hit sell button insider button. On point & click platform I have done that a few times myself. What I saw was that the trader was putting in manual orders mostly. The house position only show total purchases of 296000 shares for Aug 25 but some of the trades would have gone through other exchanges. Some trades going through the other exchanges may not be a proper explanation because total volume 331100 has one lot of 100 shares. Broker 11 had one 100 lot in the total volume of 96100 of Aug 24. But how could they combine two day volume without running the correction trade through the exchange ?

The reconciliation of the trades is not important I just trying to assess the quality of the broker & the trader running the buyback.

Maybe some insider trades went through some other account from a different broker.
I have a old habit of reading the tape. It helps me to understand the trading pattern of the stock. That is why I go through the house position of the stock & individual trades & also insider trading.

House Positions for C:SGY from 20150825 to 20150825