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.

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Surge Energy Inc (Alberta)

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Post by CanadianOil2022on Dec 28, 2021 6:00pm

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Post# 34266174

PERMIAN Earthquakes Because of Fracking Drilling

The Permian oil patch in West Texas and New Mexico isn't home to major tectonic fault lines, yet the basin has experienced over 1k earthquakes in the past decade, including a 4.5 magnitude quake near Midland yesterday.

When comparing to the preceding decade, prior to the shale revolution, it's noteworthy that fewer than 100 quakes hit the region.
And interestingly, of three quakes measuring 4.5+ on the Richter scale to hit the region over the past two decades, two hit this year and one in 2020.
On the back of accelerating seismic activity, it's worth comparing the situation in the Permian to Shell's (NYSE:RDS.A) Groningen, the largest gas field in Europe, and currently being shuttered as a result of seismic activity.
According to the USGS, the Groningen region has experienced three earthquakes over the past decade (none registering magnitude 4.5+); nevertheless, public opinion turned against the project and in 2018 it was decided to shut the field, perhaps leading to some of the record European gas prices we are seeing today.
As producers like Exxon (NYSE:XOM), Chevron (NYSE:CVX), Conoco (NYSE:COP), and Pioneer (NYSE:PXD) retrench and refocus on US onshore production, the Permian basin is becoming a very important piece of the global oil supply (NYSEARCA:USO) picture.
Whether the increased seismic activity in the Permian is correlated to the shale revolution or caused by it is unclear; however, for an industry failing to find oil elsewhere, it will be important to sustain public support for shale production to ensure the world's demand for energy can be met over the medium term.