Business
SURGE ENERGY INC. ANNOUNCES FOURTH QUARTER AND YEAR END FINANCIAL RESULTS FOR 2025; STRONG 2025 YEAR END RESERVE ADDITIONS; OPERATIONAL UPDATES; AND APPOINTMENT TO THE BOARD OF DIRECTORS
Surge Energy Inc. ("Surge", "SGY", or the "Company") (TSX: SGY) is pleased to announce its financial and operating results for the quarter and year ended December 31, 2025, and its year end 2025 reserves as independently evaluated by GLJ Ltd. ("GLJ"). Furthermore, Surge is pleased to announce the appointment of Mr. Ryan Gritzfeldt to the Board of Directors, effective March 4, 2026.
About this update from Surge Energy Inc.
[{"type":"text","content":"CALGARY, AB, March 4, 2026 /CNW/ - Surge Energy Inc. ("Surge", "SGY", or the "Company") (TSX: SGY) is pleased to announce its financial and operating results for the quarter and year ended December 31, 2025, and its year end 2025 reserves as independently evaluated by GLJ Ltd. ("GLJ"). Furthermore, Surge is pleased to announce the appointment of Mr. Ryan Gritzfeldt to the Board of Directors, effective March 4, 2026.","length":459,"tagName":"p"},{"type":"text","content":"Select financial and operating information is outlined below and should be read in conjunction with the Company's audited financial statements and management's discussion and analysis for the three months and the year ended December 31, 2025, available at www.sedarplus.ca and on Surge's website at www.surgeenergy.ca.","length":350,"tagName":"p"},{"type":"text","content":"2025 HIGHLIGHTS","length":15,"tagName":"p"},{"type":"text","content":"Based on the Company's disciplined capital allocation model, combined with continued strong drilling and waterflood results in Surge's Sparky and SE Saskatchewan core operating areas, the Company exceeded its budgeted production estimates for 2025 by approximately 1,000 boepd, with production averaging 23,491 boepd in 2025 (88% liquids), as compared to Surge's initial 2025 production guidance of 22,500 boepd (91% liquids). The Company exceeded production estimates while spending approximately $10 million less than originally forecasted, with 2025 capital expenditures totaling $159.7 million, compared to initial 2025 capital guidance of $170 million.","length":669,"tagName":"p"},{"type":"text","content":"In 2025, capital expenditures were reduced by more than $35 million as compared to 2024. This significant improvement in capital efficiencies represents an 18 percent reduction in capital spending year over year, with expenditures on property, plant and equipment of $159.7 million in 2025, decreasing materially from $195.1 million in 2024. Additionally, Surge reduced net operating costs1 from $20.02 per boe in 2024 to $17.91 per boe in 2025, an 11 percent improvement year over year.","length":487,"tagName":"p"},{"type":"text","content":"During 2025 West Texas Intermediate ("WTI") crude oil prices decreased by nearly US$11 per barrel, fr...