Surge Energy Inc
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Surge Energy Inc
Surge Energy, Inc. engages in the exploration, development and production of oil and gas properties. The company is headquartered in Calgary, Alberta and currently employs 76 full-time employees. The firm's business consists of the exploration, development and production of oil and gas from properties in western Canada. The firm has conventional, medium to light crude oil reserves and low decline production base. Its reservoirs are characterized as having original oil in place (OOIP) with low recover factors. The company has identified over 975 net drilling locations on the Company's lands along with several waterflood projects. Its operations are focused on core areas, such as Sparky Core, SE Sask. and Manitoba, Valhalla, Greater Sawn and Shaunavon.
Surge Energy, Inc. engages in the exploration, development and production of oil and gas properties. The company is headquartered in Calgary, Alberta and currently employs 76 full-time employees. The firm's business consists of the exploration, development and production of oil and gas from properties in western Canada. The firm has conventional, medium to light crude oil reserves and low decline production base. Its reservoirs are characterized as having original oil in place (OOIP) with low recover factors. The company has identified over 975 net drilling locations on the Company's lands along with several waterflood projects. Its operations are focused on core areas, such as Sparky Core, SE Sask. and Manitoba, Valhalla, Greater Sawn and Shaunavon.
Record Debt Reduction: Surge Energy reported a record year in paying down debt and expects to pay off all bank debt within a few quarters.
Dividend Growth: The annual dividend was increased from $0.42 to $0.48 per share, representing a 14% increase, with further raises possible as debt targets are met.
Asset Quality & Discoveries: The company highlighted a significant low-decline acquisition from Enerplus and a new Frobisher discovery at Steelman, both driving strong NAV and production growth.
Reserves & NAV Surge: Proved developed producing NAV more than doubled from $3.51 to $7.28 per share, with total NAV at $22.37 per share, and reserves reaching nearly 45 million barrels.
High Free Cash Flow: Free cash flow yield stands at around 24%, with about $160 million in available free cash expected for 2023.
Focus on Shareholder Returns: Surge plans to increase dividends further, initiate share buybacks, and maintain production rather than pursue aggressive growth.
Strong Institutional Interest: The company saw high demand in its recent equity raise and reports increased interest from top institutions.
Oil-Leveraged Portfolio: With 87% production from oil and limited gas exposure, Surge is positioned to benefit from strong oil prices.
