Surge Energy Inc. announced that it has reached an agreement in principle with its lending syndicate to amend and extend its first lien credit facilities. Concurrent with the closing of the Transaction, Surge's fully conforming first lien revolving credit facilities will be $215 million, with the Company's next bank review scheduled to be on or before November 30, 2021. Additionally, the maturity of Surge's first lien revolving credit facilities will be extended from July 1, 2022 to November 30, 2022. This re-determination is forecast to provide the Company with ample available liquidity upon the closing of the Transaction, return the Company to a standard, single-tranche first lien credit facility, and significantly reduce Surge's annual interest expense going forward.