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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 kijijion Jan 26, 2019 11:46pm
135 Views
Post# 29285998

more pain for the sector?

more pain for the sector?
It is estimated that anywhere from 500-1000 workers could be out of work in the Lakeland area if the curtailment formula is not changed back.
A letter sent from CNRL to service providers on Jan. 22 warns that changes in the original curtailment formula for February means that the ECHO pipeline, the main way of transporting crude out of Bonnyville, Elk Point, Lloydminster, will be shut-in for the area.
“Unfortunately, the changes for February 2019 mean that Canadian Natural will be curtailing production far beyond its voluntary and mandated January volumes. This is not sustainable operationally as the ECHO pipeline will need to be shut-in along with the production associated with it. As a result, the disproportionate February 2019 curtailment numbers will hurt jobs, specifically in the Bonnyville/Elk Point/Lloydminster area,” the letter said.

provinces-oil-curtailments-means-major-layoffs-and-no-crude-production-from-cnrl-through-echo-pipeline/
Bullboard Posts