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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 Carjackon Dec 04, 2023 12:00pm
170 Views
Post# 35767195

U.S. Buys 2.73 Million Barrels of Oil for Strategic Petroleu

U.S. Buys 2.73 Million Barrels of Oil for Strategic Petroleu

(Reuters) — The U.S. Energy Department said on Thursday it has finalized contracts to purchase 2.73 million barrels of oil for the Strategic Petroleum Reserve (SPR).

The U.S. has contracts to purchase 930 million barrels (MMbbl) from Exxon Mobil, 600 MMbbl from Phillips 66, 600 MMbbl from Sunoco and 600 MMbbl from Macquarie. The contracts total $215,929,510, according to a statement from the department.

The purchases are part of a plan to slowly replenish the SPR after a record drawdown last year to ease prices in the aftermath of Russia's invasion of Ukraine.

 
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