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) > Blow out quarterly results! Big day coming tomorrow.

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Comment by Chris007on Jul 29, 2021 6:10pm

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Post# 33629749

RE:RE:RE:RE:RE:RE:Blow out quarterly results! Big day coming tomorrow.

Yup....

Revenue 44,575,000
Expenses (61,102,000) **once you take out impairment reversal

Net loss -16,527,000

downtozero wrote: If the net income was 307 million but it included an impairment reversal of 323 million, doesn't that mean they actually lost $16M this past quarter?

"For the quarter ended June 30, 2021, the Company realized net income of $307.1 million, including a non-cash asset impairment charge reversal of $323.6 million recognized in the period primarily due to an increase in the Sproule engineering price forecasts."

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