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Surge Energy Inc (Alberta) T.SGY

Alternate Symbol(s):  T.SGY.DB.B | ZPTAF

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 Jan 27, 2024 10:42am
150 Views
Post# 35848503

Energy Transfer: Dakota Access oil pipe won't shut after env

Energy Transfer: Dakota Access oil pipe won't shut after env

Energy Transfer (ET.N) does not expect the U.S. Army Corps of Engineers to shut down the Dakota Access oil pipeline (DAPL) after a long-pending environmental review of a section that runs under a lake and is opposed by nearby Native American tribes, Executive Chair Kelcy Warren said on Tuesday.

A U.S. court in 2022 ordered the federal government to undertake a more intensive environmental impact statement (EIS) of the 1,100-mile (1,800-km) long crude pipeline's route, the latest saga in a lengthy court battle between the tribes and pipeline operator Energy Transfer.

In a draft statement in September, the U.S. Army Corps of Engineers did not select a preferred alternative of five options, including abandoning or rerouting the pipeline around Lake Oahe, a federally protected reservoir.

It will make its selection only after public and agency comments were received and a final version prepared, the draft report said.

"We're not affected by (the EIS study)," Warren said, while speaking at the Argus Americas Crude Summit in Houston. "They're certainly not going to shut us down."

A final EIS will be complete in late 2024, Steven Wolf, a spokesperson for the Army Corps, told Reuters on Tuesday.

The pipeline, which began operating in 2016, can transport up to 750,000 barrels per day, or 60%, of crude from North Dakota, the third largest U.S. oil producing state to Illinois.

An easement was previously granted for the pipeline to cross under Lake Oahe and the pipeline has continued to operate while the review is being carried out.

The tribes have opposed the pipeline, saying they draw water from the lake for various purposes, including drinking, and consider the waters of the Missouri River to be sacred. Their lawyers have said the tribes are worried about a potential oil spill.

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