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    SGY   CA86880Y8779

SURGE ENERGY INC.

(SGY)
  Report
Delayed Toronto Stock Exchange  -  01:37 2022-10-03 pm EDT
8.210 CAD   +5.12%
09/28SURGE ENERGY INC. : Ex-dividend day for
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09/22Surge Energy Issues Redemption Notice for a Convertible Debenture Issue Due on December 31
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09/22Surge energy inc. announces notice of redemption of 5.75% convertible debentures
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Surge Energy America Announces Return to 100% of Completions Using Recycled Produced Water

08/05/2022 | 08:39am EDT

Houston - Surge Energy US Holdings Company ('Surge' or the 'Company') announces a key milestone that the Company has returned to utilizing recycled, produced water in all completions.

As previously announced, Surge and Gravity Water Midstream, LLC ('Gravity') entered into an agreement to install a produced water recycling facility in Howard County, Texas. This facility was commissioned in July 2022 and enables Surge to recycle produced water for completions in the eastern area of the Company's acreage position which was primarily acquired in 2021.

Surge initially began utilizing recycled produced water for completion operations in 2017. This practice both conserves fresh water and reduces operating expenses. This newly commissioned facility is the Company's fourth recycling facility. The practice of using recycled produced water eliminates the need for freshwater as well as reduces the water volumes distributed to saltwater disposal wells in the area.

'Surge has been using recycled produced water for fracking for over five years which has resulted in the conservation of over 3.6 billion gallons of freshwatersince we initiated the practice in 2017,' stated Linhua Guan, Surge's CEO. 'The investment in this facility demonstrates Surge's commitment to responsible water management across our entire acreage position.'

About Surge Energy

Surge Energy 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.

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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Financials
Sales 2022 808 M 592 M 592 M
Net income 2022 135 M 99,2 M 99,2 M
Net Debt 2022 200 M 147 M 147 M
P/E ratio 2022 4,93x
Yield 2022 2,89%
Capitalization 651 M 474 M 477 M
EV / Sales 2022 1,05x
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 7,81 CAD
Average target price 14,50 CAD
Spread / Average Target 85,7%
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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