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    SGY   CA86880Y8779

SURGE ENERGY INC.

(SGY)
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Delayed Toronto Stock Exchange  -  04:00 2022-06-30 pm EDT
9.110 CAD   -4.11%
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Surge Energy Inc. : Announces Closing of Strategic $160 Million Southeast Saskatchewan Light Oil Acquisition, Closing of New Credit Facilities

08/19/2021 | 09:58am EDT

CALGARY - Surge Energy Inc. ('Surge' or the 'Company') (TSX: SGY) is pleased to announce that it has successfully completed the previously announced acquisition (the 'Acquisition') of Astra Oil Corp. ('Astra') pursuant to an arrangement (the 'Arrangement') under the provisions of the Business Corporations Act (Alberta).

SPECIAL MEETING RESULTS; 95% VOTE IN FAVOR OF ACQUISITION AND GREATER THAN 93% VOTE IN FAVOR OF THE SHARE CONSOLIDATION

All the issued and outstanding common shares of Astra were acquired by Surge for aggregate consideration consisting of: 1) the issuance of approximately 229 million common shares of Surge ('Surge Shares'), and 2) approximately $13.5 million in assumed debt. At the special meeting of Surge shareholders to approve the issuance of Surge Shares pursuant to the Acquisition, held on August 17, 2021 (the 'Meeting'), 26.5% of the outstanding Surge Shares were represented and the issuance was approved by 95.0% of the Surge Shares voted at the Meeting.

Additionally, Surge shareholders voted to approve the consolidation of Surge Shares ('Consolidation') on the basis of one (1) post-Consolidation Surge Share for each 8.5 pre-Consolidation Surge Shares. At the Meeting, 26.9% of the outstanding Surge Shares were represented and the Consolidation was approved by 93.2% of the Surge Shares voted at the Meeting.

Accordingly, immediately after the Acquisition, the 608.5 million pre-Consolidation Surge Shares issued and outstanding will be consolidated to approximately 71.6 million Surge Shares on a post-Consolidation basis.

Surge expects trading of Surge Shares on a post-Consolidation basis on the Toronto Stock Exchange ('TSX') will commence 2-3 business days following the closing of the Arrangement. The Company's name and trading symbol will remain unchanged.

2022 OUTLOOK - STRONG OPERATIONAL PERFORMANCE CONFIRMS GUIDANCE

Consistent and disciplined development of the Company's high quality, low cost, conventional crude oil asset base, including Surge's premier Sparky play in Alberta, complemented by the high netback, light oil Southeast Saskatchewan assets obtained through the Acquisition, positions Surge to provide shareholders with significant free cash flow generation in 2022 and beyond.

Today, Surge possesses the key operational indicia and financial attributes required for a successful public oil company, including: Over 2.5 billion barrels of net combined, internally estimated, conventional OOIP1 - with a low 6 percent recovery factor to date; Combined proven plus probable year end 2020 reserves of over 95 million boe (85 percent liquids); Exit 2021 production of more than 20,200 boepd (85 percent liquids weighted); A low base corporate decline of 25 percent; A large development drilling inventory: >850 net locations (internally estimated)2; providing a development drilling inventory of more than 13 years; High operating netbacks3 of >$33 per boe at US$65 WTI; A 13 year reserve life index (total proved plus probable); Top tier production efficiencies4 (

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2022 782 M 605 M 605 M
Net income 2022 89,4 M 69,2 M 69,2 M
Net Debt 2022 157 M 122 M 122 M
P/E ratio 2022 6,77x
Yield 2022 2,55%
Capitalization 759 M 588 M 588 M
EV / Sales 2022 1,17x
EV / Sales 2023 1,07x
Nbr of Employees 76
Free-Float 97,9%
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Mean consensus OUTPERFORM
Number of Analysts 8
Last Close Price 9,11 CAD
Average target price 14,91 CAD
Spread / Average Target 63,6%
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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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