Surge Energy Inc. Appoints Paul Ferguson as Chief Financial Officer; Announces Drilling Results on the Upper Shaunavon Crude Oil Discovery in SW Saskatchewan
Aug 25 15
Surge Energy Inc. announced the appointment of Mr. Paul Ferguson, to the position of Chief Financial Officer. With over 25 years of industry experience, Mr. Ferguson brings a breadth of experience to the CFO role. It is expected that Mr. Ferguson will begin as CFO of Surge in mid to late September 2015 once the required authorizations have been obtained from Citizenship and Immigration Canada.
The company announced continued drilling success on the company's Upper Shaunavon crude oil discovery in SW Saskatchewan, and at Valhalla in NW Alberta. Surge has completed and placed on production the four net wells drilled in June and July at Shaunavon, Saskatchewan with better than type curve results. Net production added from Surge's latest four new Upper Shaunavon wells is over 800 bopd. Surge has more than 200 low risk Upper Shaunavon development drilling locations on this play. At Valhalla, a significant portion of Surge's associated natural gas production will commence flowing to the nearby Wembley gas plant this week, further increasing Surge's ability to access third party plant capacity. Based on the three (100%) exciting wells drilled into the large northern pool extension at Valhalla in 2015, including the new well at 10-07-075-08W6. Surge is now experiencing the production volumes at its core operated property at Valhalla. The new 10-07 well has now produced over 56,000 barrels of oil in 26 days. Earlier 2015, Surge further consolidated its position at the north end of Valhalla, providing the company with multiple future locations in this exciting new pool extension.
Surge Energy Inc. Confirms August 2015 Dividend, Payable on September 15, 2015
Aug 17 15
Surge Energy Inc. confirms that a cash dividend to be paid on September 15, 2015 in respect of August 2015 production, for the shareholders of record on August 31, 2015 will be $0.025 per share.
Surge Energy Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2015
Aug 5 15
Surge Energy Inc. reported earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's total oil, natural gas, and NGL revenue was $80,868,000 compared with $128,148,000 a year ago. Funds from operations was $35,490,000 or $0.16 per diluted share compared with $65,525,000 or $0.34 per diluted share a year ago. Net loss was $9,769,000 or $0.04 per diluted share compared with net income of $37,927,000 or $0.20 per diluted share a year ago. This was mainly due to decreased revenue as a result of lower crude oil prices compared to the same period of 2014. Capital expenditures - petroleum & gas properties was $14,957,000 against $18,975,000 a year ago.
For the six months, the company's total oil, natural gas, and NGL revenue was $151,221,000 compared with $235,715,000 a year ago. Funds from operations was $86,562,000 or $0.39 per diluted share compared with $119,295,000 or $0.65 per diluted share a year ago. Net loss was $114,474,000 or $0.52 per diluted share compared with net income of $41,349,000 or $0.23 per diluted share a year ago. As on June 30, 2014, the company's net debt was $557,969,000 compared to $193,597,000 a year ago. The cause for the change is primarily due to impairment recognition of $109.8 million for the first quarter of 2015 (2014, nil) along with decreased revenue as a result of lower crude oil prices compared to the same period of 2014. Capital expenditures - petroleum & gas properties was $40,769,000 against $77,326,000 a year ago. Net debt at end of period was $125,478,000 compared to $557,969,000 a year ago.
For the quarter, the company's oil and NGL production was 14,865 bbls per day compared with 14,246 bbls per day a year ago. Natural gas was 16,724 mcf per day compared with 12,893 mcf per day a year ago. Total production was 17,652 boe per day compared with 16,395 boe per day a year ago.
For the six months, the company's oil and NGL production was 16,011 bbls per day compared with 13,475 bbls per day a year ago. Natural gas was 18,594 mcf per day compared with 13,434 mcf per day a year ago. Total production was 19,110 boe per day compared with 15,714 boe per day a year ago.