Surge Energy Inc.

Surge Energy Inc. is pleased to announce its financial and operating results for the quarter and year ended December 31, 2020, and its year-end 2020 reserves, as independently evaluated by Sproule Associates Limited . 2020 Achieved an all-in payout ratio1 of less than 100 percent for 2020 while oil averaged less than US$40 WTI per barrel, generating cash flow from operating activities less payments on lease obligations of [...]

Surge Energy Inc. is pleased to announce its successful 32 well 1H/21 drilling program, a strategic $106 million asset sale , and a positive re-determination of its first lien and second lien credit facilities. SURGE ENERGY - Very Positive Macro Environment for Canadian Crude Oil 2020 was an extremely difficult year for the Canadian oil and gas industry managing through the COVID crisis, and the Saudi-Russia oil price [...]

Surge Energy US Holdings Company announced in the US that it, through its subsidiary, has signed a purchase and sale agreement to acquire leasehold interest and producing wells from Grenadier Energy Partners II LLC in Howard County, TX . The aggregate purchase price of the Transaction is expected to be approximately $420 million USD. Highlights of the acquired assets include: Average production of approximately 9,000 [...]

Surge Energy Inc. is pleased to announce its 2021 budget guidance, as approved by the Company's Board of Directors, as well as an update on Surge's ongoing Environmental, Social and Governance program. 2021 BUDGET - CONTINUED FOCUS ON SUSTAINABILITY Surge's focus in 2021 continues to be on disciplined capital allocation, with cash flow strategically allocated between capital projects, net bank debt1 repayment, and the [...]

Surge Energy Inc. is pleased to announce that it has executed definitive agreements with the Business Development Bank of Canada, in partnership with the Company's syndicate of lenders, for a non-revolving facility of $40 million, providing attractive interest rates over a four year term. Surge is also pleased to announce that it has closed an extension of the Company's existing $335 million first-lien credit facility [...]

Surge Energy Inc. is pleased to announce that it has received lender approvals for a total of $90 million in new credit commitments to the Company, subject to final documentation. These commitments include: a new term loan facility led by the Business Development Bank of Canada in partnership with the Company's syndicate of lenders , for a non-revolving facility of $40 million with attractive interest rates and a four [...]

Surge Energy US Holdings Company announces that its bank group, led by administrative agent Citibank N.A., has reaffirmed the Company's $850 million borrowing base. The reaffirmation of the Company's borrowing base, and during the third quarter repaying all borrowings drawn, results in strong liquidity of approximately $940 million with cash on hand as of September 30, 2020. "The reaffirmation of the borrowing base [...]

Surge Energy US Holdings Company announces being recognized on the on the Houston Business Journal's 2020 Best Places to Work list. The list of finalists for this award was announced by Houston Business Journal on August 31, 2020. On October 22, 2020, the ranking of the finalists was announced by Houston Business Journal. The Houston Business Journal's Best Places to Work is based on an independent survey completed by the [...]

Surge Energy US Holdings Company announces being recognized on the Houston Business Journal's 2020 Middle Market 50 list. The list of finalists for this award was announced by Houston Business Journal on August 3, 2020. Surge Energy was one of three upstream oil and gas production companies on the list. On October 1, 2020, the ranking of the finalists was announced by Houston Business Journal. The Middle Market 50 [...]

*This news release contains multimedia – to view the full PDF version as it is intended, please click here* Surge Energy Inc. is pleased to announce its financial and operating results for the quarter ended June 30, 2020. CORPORATE UPDATE - CRUDE PRICE FUNDAMENTALS IMPROVING 1. Managing The Pandemic: Surge's management team has an established track record of making proactive capital allocation decisions to protect [...]