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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

Post by ACESoveron Nov 04, 2022 3:32pm
508 Views
Post# 35074212

Bought deal financing at $9.25

Bought deal financing at $9.25Maybe this is the reason Surge not holding on to big gains earlier today with a huge spike in WTI.

In conjunction with the acquisition, Surge has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Peters & Co. Ltd., pursuant to which the underwriters have agreed to purchase, for resale to the public, on a bought deal basis, approximately 4,325,000 common shares of Surge at a price of $9.25 per common share for gross proceeds of approximately $40-million. The net proceeds from the offering will be used to partially finance the acquisition. The underwriters will have an option to purchase up to an additional 15 per cent of the common shares issued under the offering on the same terms as the offering to cover overallotments exercisable in whole or in part at any time until 30 days after the closing.

ACE$

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