SURGE ENERGY SGY Added 23 New OIL Wells just coming on Production NOVEMBER/2021 with 100% Successfully bringing in these 23 New OIL Wells plus strategic acquisition of Astra Oil Corp. ("Astra"), adding highly concentrated light oil reserves, production, land, and operations in SE Saskatchewan. Subsequent to the quarter, on November 1, 2021 the Company announced the closing of the acquisition of Fire Sky Energy a private company with light oil assets focused in SE Saskatchewan for total consideration of $58 million. The Fire Sky acquisition expands Surge's position in its new SE Saskatchewan core area, adding an additional 1,500 boepd of light oil production. These two strategic acquisitions are consistent with of acquiring high quality, operated, light and medium gravity, conventional crude oil reservoirs with large original oil in place ("OOIP1) and low recovery factors. Following these acquisitions, Surge is now a 22,000 boed (86 percent liquids) intermediate light and medium gravity oil producer, with over 975 internally estimated net development drilling locations2, providing an estimated 13 year development drilling inventory2.
In addition to the acquisitions the Company has now completed its 2H/21 23 gross (23.0 net) well Sparky drilling program, with a 100% success rate. All of the wells from the 2H/21 Sparky drilling program are scheduled to be on stream and optimized prior to the end of November 2021.