CEO Paul Colborne said $300,000,000`in 2022 Cashflows at $80 Raymond James says $12/share target.Surge's upwardly revised exit 2021 and preliminary 2022 guidance is reconfirmed as follows:

Guidance

@ US $70 WTI*

@ US $75 WTI*

@ US $80 WTI*

Exit 2021 production

21,500 boepd (86% liquids)

Average 2022 production

21,500 boepd (86% liquids)

2022 Exploration and Development Capital Expenditures

$120 million

2022 Adjusted funds flow ($MM)

$245

$270

$295

Per share

$2.94/share

$3.23/share

$3.53/share

2022 Cash flow from operating activities ($MM)

$230

$255

$280

Per share

$2.76/share

$3.05/share

$3.35/share

2022 Free cash flow ($MM)4

$110

$135

$160

Per share

$1.32/share

$1.62/share

$1.92/share

2022 All-in payout ratio4

52%

47%

43%

2022 Net debt to annualized Q4/22 adjusted funds flow4

0.7x

0.6x

0.5x