Surge Energy Inc (Alberta) T.SGY

They did exactly the same thing in 2018

[soundandfury]

When they bought mount bastion...........it was gonna add 5000 bpd and at that time sgy was produceing 18,000 so was gonna go to 23,000bpd was what we was told........never happened.......but then sgy had credit and did not need to resort to trying to buy barrels with .63 stock.........cause now banks won't lend to us for aquisitions anymore

[Kadiddelhopper]

That entire Mount Bastion was hard on Surge.. we had been suffering along just above $2.15, and then at Closing of the Deal in late Oct. if I recall correctly, we fell all the way down to the $1.40's, and eventually the $1.20 range. The Transaction was not completely transparent, and I wonder yet if the controlling ShareHolders of Mt. Bastion still have a 40 million share holding in Surge, and

[soundandfury]

well the mount bastion deal is quite interesting in so many ways.........paul was so enthusiastic about it .......it was accreative on every metric.......the dividend was going to be raised..................but most interesting to me is that sgy has not drilled a single well on the property since and paul rarely even mentions the property in last two years........in many ways it is exactly like

[Chris007]

Fact of the matter is, the Mount Bastion merger needed higher oil prices to work...which never materialized Definitely, funny looking back at the news release: https://surgeenergy.mediaroom.com/2018-09-05-Surge-Energy-Inc-Announces-Accretive-320-Million-Core-Area-Light-Oil-Acquisition Obviously with the expected oil prices never actually happening, severe strain was put on the balance sheet