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Surge Energy Inc (Alberta) T.SGY

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

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

Bullboard Posts
Post by Ohmsfordon Nov 09, 2015 9:17pm
401 Views
Post# 24275428

Q3 2015 Brief Highlights

Q3 2015 Brief Highlights
Just a real quick brief set of highlights from the Q3 Results.

Net Loss of $34,820,000
Net Loss of  16 cents per share
Impairment $42,486,000

Oil production down to 11,234 Barrels/day (from 14,865 last quarter)
Natural Gas production down to 13,731 MCF/day (from 16,724 last quarter)

Production is down due to the sale of assets on June 15, 2015 in southeast Sask and southwest Manitoba.  Also a few pipeline outages downstream that hit them a bit.

Average price of $41.81 per barrel of oil.

All in all I think the impairment is something to be strongly considered, this is a straight write-down of current assets based on current evaluation, and impairment has been a significant portion of each quarter in 2015. 

In total, 2015 Impairment is at $152,322,000, and 2015 Net Loss is at $149,294,000.


Bullboard Posts

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