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Surge Energy Inc Appoints Paul Colborne As President And Chief Executive Officer; Announces Sale Of Non-Core Assets


Wednesday, 8 May 2013 11:03pm EDT 

Surge Energy Inc announced that the Board of Directors have unanimously agreed to appoint Mr. Paul Colborne as the President and Chief Executive Officer (CEO) of Surge, effective immediately. Mr. Colborne will also continue on as the Chairman of the Company. The Board also announced that Mr. Dan O'Neil will be retiring from his role as CEO and President of the Company. Surge has executed a formal purchase and sale agreement with a Canadian oil and gas producer to sell non-core, primarily non-operated assets in North Dakota for a purchase price of approximately USD42.75 million. Closing of this transaction is anticipated to occur on or around May 31, 2013. The non-core assets being sold comprise production of approximately 650 barrels of oil per day, with independently engineered P+P reserves of 2.2 million boe, and a net present value of $36.8 million (discounted at 10% before tax as of December 31, 2012). The Company expects a reduction in borrowing base of $13 million as a result of the sale, resulting in a bank line of $277 million. The sale of Surge's assets in North Dakota is the first step in implementing changes in the Company's business plan to maximize shareholder value, strengthen the Company's financial flexibility and support a sustainable business model. Macquarie Capital Markets Canada Ltd. is acting as lead financial advisor to Surge with respect to the above. National Bank Financial Inc. is acting as financial advisor to Surge. 

Company Quote

8.39
0.08 +0.96%
21 Aug 2014