Good WellDuring May Surge started production from a new well at 03-10-005-06 W2 which is near Lampman, SK. The first full month results are in. This new well produced 623 boe/d of oil and 82 boe/d of gas for a total of 706 boe/d. That is a really good well for this area.
Surge continues to have three rigs going this summer. One rig is working about 30 km NW of Lampman, SK.
Total production was down to 22,867 boe/d at the end of June. That is to be expected after the recent sale of assets near Shaunavon, SK. There might be a Sawn asset sale update tomorrow when the Q2 results are released. Unloading some assets would help them get to their Phase 3 debt target much sooner. The Summer 2024 Corporate Presentation mentions nothing about Greater Sawn other than a small dot on the map. That could be a sign that the sale of these assets has been completed.
The recently increased dividend yield at the current share price is up to 7.6%. This dividend is well covered. It only uses half of their free cash flow. If they keep buying back shares and paying down debt while continuing to pay a healthy dividend, maybe some new investors will one day finally notice this story.