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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 uwebb429on Apr 04, 2023 1:04am
628 Views
Post# 35377779

Surge in the News

Surge in the NewsA few words from Paul Colborne about their plans for the extra cash flow after WTI went up today.
https://calgaryherald.com/opinion/columnists/varcoe-canadian-producers-oil-opec-production-cut

Surge CEO Paul Colborne said the production cut by OPEC countries should accelerate the expected tightening of supply levels and global oil demand this year, pushing prices toward $100 a barrel.

“There’s going to be massive draws on inventories during the driving season and that’s the real story here,” said Colborne, who expects WTI crude will average around $95 a barrel this year.

“It’s a juggernaut, there’s nothing to slow it down.”

For Surge, every $1-a-barrel change over the course of the year increases its cash flow by about $8.7 million.

“We will just keep paying debt down and probably keep bumping our dividend, but we’re not going to race out and do a bunch more drilling,” Colborne said.

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