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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) > surge energy
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Post by powermanon Oct 04, 2021 9:23am
250 Views
Post# 33960141

surge energy

surge energyBRIEF-Surge Energy Inc. Announces $58 Million Southeast Saskatchewan Core Area Light Oil Acquisition And An Upward Revision To 2021 Exit Rate And 2022 Production Guidance

Oct 4 (Reuters) - Surge Energy Inc:

* SURGE ENERGY INC. ANNOUNCES $58 MILLION SOUTHEAST SASKATCHEWAN CORE AREA LIGHT OIL ACQUISITION; AND AN UPWARD REVISION TO 2021 EXIT RATE AND 2022 PRODUCTION GUIDANCE

* SURGE ENERGY INC - TRANSACTION IS TO BE FUNDED BY ISSUANCE OF APPROXIMATELY 11.2 MILLION SURGE COMMON SHARES

* SURGE ENERGY INC - TRANSACTION IS TO BE FUNDED BY ASSUMPTION OF APPROXIMATELY $3 MILLION OF NET DEBT

* SURGE ENERGY - FOLLOWING DEAL, NOW FORECASTS AVERAGE PRODUCTION IN 2022 OF 21,500 BOEPD (86% LIQUIDS) OF MAINLY LIGHT AND MEDIUM GRAVITY CRUDE OIL

* SURGE ENERGY INC - TRANSACTION IS ACCRETIVE TO SURGE'S 2022 FREE CASH FLOW PER SHARE, AND DEBT ADJUSTED CASH FLOW PER SHARE

* SURGE ENERGY INC - NOW ESTIMATES THAT ITS EXIT 2022 NET DEBT TO ANNUALIZED Q4 2022 ADJUSTED FUNDS FLOW RATIO WILL BE ABOUT 0.7 TIMES AT US$70 WTI Source text for Eikon: Further company coverage:

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