Surge Energy Inc. announced that at current strip commodity prices for crude oil and natural gas, Management projects that Surge's net debt target range will be achieved during Q3/22. On this basis, the Company anticipates reinstating its base annual cash dividend expected to be $0.42per share (3.5 cents per month), payable on July 15, 2022 to holders of the Company's common shares ("Common Shares") of record at the close of business on June 30, 2022. Any anticipated dividend payment will be subject to the approval of Surge's Board of Directors at the time of declaration.