Surge Global Energy, Inc. Signs Agreement to Purchase 70,000 Acres Oil & Gas
Drilling Rights in Permian Basin, Texas
PALM DESERT, CA and MIAMI, FL and AMARILLO, TX -- (Marketwired) --
08/21/13 -- Surge(R) Global Energy, Inc. ("Surge(R)" or the
"Company") (OTCQB: SRGG) (OTCBB: SRGG) has signed a letter of intent
agreement with Amazing Energy, Inc. ("Amazing Energy") of Amarillo,
Texas to acquire for stock, the controlling interest in Amazing
Energy. Amazing Energy controls approximately 70,000 acres of oil and
gas leasehold rights in the Permian Basin, Texas. Surge's acquisition
includes Amazing Energy's 100% working interest in future well
development in the Permian Basin, other leasehold interests and a
majority shareholder ownership in Amazing Energy.
Amazing Energy, Inc. has been participating in oil and gas
exploration activities in Texas (with leases in Pecos County, Erath
County, Palo Pinto County, and Parker County) and Oklahoma (with
leases in Okfuskee County) and has the leasing rights for more than
70,000 contiguous acres in the Permian Basin. While Amazing Energy's
oil and gas exploration is subject to the economic risks typically
associated with exploration, the acreage to be developed is in an
area of current and historic production.
"Amazing Energy has an impressive oil and gas management and
development team we have come to know very well over the past year,"
said Surge Global Energy CEO Clark Morton. "Amazing Energy currently
has 15 oil and gas development wells drilled and each is in various
stages of completion; gas contracts, oil take-off contracts and final
negotiations are being completed for all needed midstream and plant
processing operations for the Permian Basis acreage. We are proud of
what the team has accomplished to date and we are all eager to
complete the funding for this project, maximize the development
process and bring about an increased realization of oil and gas
reserves," Mr. Morton added.
The closing of the transaction is subject to the terms and conditions
in the agreement, the expectation of additional agreements to be
entered into for funding, and the completion of financing for the
Company's anticipated additional oil and gas exploration properties.
Surge Global Energy(R) is a registered trademark of Surge Global
Energy, Inc. and is used with its permission.
About Surge Global Energy, Inc.
Surge Global Energy, Inc. (OTCQB: SRGG) is an oil and gas exploration
and development company with offices in Palm Desert, California and
Miami, FL. Surge is involved in the acquisition of petroleum rights
and natural gas rights, the exploration for, and the development and
production of crude oil, condensate gas and natural gas. Officers and
directors continue to have preliminary negotiations to acquire
interests in privately held independent oil and gas exploration
companies and projects, and petroleum and gas pipe line interests.
About Amazing Energy, Inc.
Amazing Energy, Inc. is an independent oil and gas exploration
company based in Amarillo, Texas. The company primarily engages in
the exploration, development, production and acquisition of oil and
natural gas properties. Amazing Energy's operations are currently
focused in Texas and Oklahoma.
Safe Harbor Statement.
This press release may contain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
Any statements that are not statements of historical fact (including
but not limited to statements containing the words "will,"
"believes," "plans," "anticipates," "expects," "look forward,"
"estimates" and similar expressions) should be considered to be
forward-looking statements and the safe harbor provisions of said Act
do not apply to an issuer that issues penny stock. Actual results may
differ materially from those indicated by such forward-looking
statements as a result of various important factors including, among
others, competition, market demand for oil and gas, financing of
prospects and producing properties, strategic relationships with
other exploration and production companies, and general economic
conditions. The Company does not assume any obligation to update any
forward-looking statements. The Company files annual, quarterly and
current reports, proxy and informational statements and other
information with the Securities and Exchange Commission. This press
release should be read in conjunction with all of the reports that
the Company has previously filed with the Securities and Exchange
Commission for financial and other information about it.
For more information, please contact: Alberto Bellorin,
firstname.lastname@example.org at 305-549-8992 or Trudy M. Self, Self &
Associates, (909) 336-5685.www.surgeglobalenergy.com
Trudy M. Self
Self & Associates
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