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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

Comment by Herfa1on Apr 29, 2021 12:37pm
167 Views
Post# 33093975

RE:Solidifying Balance Sheet, foundation for growth

RE:Solidifying Balance Sheet, foundation for growthNot sure if thats the way I see it. Not long ago they mentioned that they will used their cashflow to do their exploration program. They were also given us some hope with a supposed announcement at the end of march for debt reduction and update on estimated production. So shares went up to 0,70$ with good volume. Suddenly they announced that the news will only be at the end of April. The share suddenly started to come down in the low 0,50$. In the information circular that we just received they are telling us that the news will only come probably on May 07 (annual meeting) and they are saking us to vote in an increase of the stock incentive plan from 5% to 8.9%. And now, to make sure that management could get most of shares for remuneration (1M bonus equal 2M shares at 0,50$) they made sure that the stock will be down for the 30 day average (clause for their incentive) by doing a flow through issuance at 0,59$. I definitively voted no for their request for changing the incentive plan. Hope a lot of investor are also not happy with them and will be voting no.   
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