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    SGY   CA86880Y8779

SURGE ENERGY INC.

(SGY)
  Report
Delayed Toronto Stock Exchange  -  03:57 2022-09-29 pm EDT
7.910 CAD   +0.38%
09/28SURGE ENERGY INC. : Ex-dividend day for
FA
09/22Surge Energy Issues Redemption Notice for a Convertible Debenture Issue Due on December 31
MT
09/22Surge energy inc. announces notice of redemption of 5.75% convertible debentures
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Surge Energy America Announces Increased Borrowing Base and Elected Commitments of Revolving Credit Facility

04/21/2022 | 08:24am EDT

Houston - Surge Energy US Holdings Company ('Surge Energy' or the 'Company') announces an increased borrowing base from $1.2 billion to $1.5 billion and elected commitments from $860 million to $935 million on the Company's revolving credit facility ('Credit Facility').

The increases are in connection with the Credit Facility's regularly scheduled semi-annual redetermination that recently closed.

As of March 31, 2022, the company had approximately $88 million in cash and $255 million drawn on the Credit Facility. Pro forma liquidity is approximately $768 million based on the March 31, 2022 cash on hand and undrawn elected commitments as of the close of the redetermination.

As part of the redetermination, the Credit Facility also switched benchmarks to the Secured Overnight Financing Rate ('SOFR') from the sunsetting LIBOR.

'Surge greatly values the relationship and the continued support of our bank group,' stated Chief Financial Officer James Welch. 'We believe the results of this redetermination demonstrate the quality of our assets and the strength of our people.'

About Surge Energy

Surge Energy US Holdings Company is an independent oil and natural gas company focused on the development, exploitation, production and acquisition of oil and natural gas reserves in the Midland Basin of West Texas, one of three primary sub-basins of the Permian Basin. The Company is headquartered in Houston, Texas, and currently holds approximately 114,000 net acres in the Permian Basin. Based on a December 2020 Railroad Commission of Texas report, Surge was one of only two internationally sponsored companies in the top 20 oil producers in the state of Texas. Surge was the only oil and gas production company recognized by the Houston Business Journal's Best Places to Work Lists in both 2020 and 2021.

Contact:

Travis Guidry

Tel: 832-333-2339

Email: TGuidry@SurgeEnergyA.com

(C) 2022 Electronic News Publishing, source ENP Newswire

All news about SURGE ENERGY INC.
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More news
Financials
Sales 2022 808 M 589 M 589 M
Net income 2022 135 M 98,7 M 98,7 M
Net Debt 2022 200 M 146 M 146 M
P/E ratio 2022 4,98x
Yield 2022 2,87%
Capitalization 657 M 479 M 479 M
EV / Sales 2022 1,06x
EV / Sales 2023 0,96x
Nbr of Employees 76
Free-Float 98,0%
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Mean consensus BUY
Number of Analysts 8
Last Close Price 7,88 CAD
Average target price 14,69 CAD
Spread / Average Target 86,4%
EPS Revisions
Managers and Directors
Paul Colborne President, Chief Executive Officer & Director
Jared Ducs Chief Financial Officer
James Murray Pasieka Chairman
Murray Bye Chief Operating Officer
Murray D. Smith Independent Director
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