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Surge Energy Inc Announces Closing Of $240 Million Acquisition Of Elite, Operated, Crude Oil Producing Asset; First Monthly Dividend

Wednesday, 3 Jul 2013 03:21pm EDT 

Surge Energy Inc announced the closing of its previously announced $240 million acquisition of an elite, operated, crude oil producing asset in the southwest area of Saskatchewan, with Original Oil in Place (OOIP)1 of over 250 million barrels and a recovery factor of less than 1.5% (the Acquisition). This strategic Acquisition is accretive to Surge on a debt-adjusted production and cash flow per share basis. Surge estimates more than 271 gross / 264 net, lower risk, development drilling locations, and full (unbooked) waterflood upside with respect to the Acquisition. Concurrent with the Acquisition, Surge increased its bank line from $277 million to $350 million. As a result of Surge's orderly transition to a sustainable, moderate growth, dividend paying oil and gas company, the Company will be paying its first monthly dividend of $0.0333 per share ($0.40 per share annually) payable for August 2013 on September 16, 2013. 

Company Quote

-0.11 -3.38%
27 Feb 2015