Business
Surge Energy Inc. Announces Record Drilling Results; Initiation of Share Buy Back; and Executive Appointment
CALGARY , Aug. 25, 2015 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) a...
About this update from Surge Energy Inc.
[{"type":"text","content":"\n\nCALGARY, Aug. 25, 2015 /CNW/ - Surge Energy Inc. (\"Surge\" or the \"Company\") (TSX: SGY) announces continued drilling success on the Company's Upper Shaunavon crude oil discovery in SW Saskatchewan, and at Valhalla in NW Alberta, and the initiation of its previously announced share buy back.\n\nIn addition, Surge announces the appointment of Mr. Paul Ferguson, to the position of Chief Financial Officer.\n\nRECORD DRILLING RESULTS\n\nSurge has completed and placed on production the four net wells drilled in June and July at Shaunavon, Saskatchewan – with better than type curve results. Net production added from Surge's latest four new Upper Shaunavon wells is over 800 bopd. Surge has more than 200 low risk Upper Shaunavon development drilling locations on this play.\n\nAt Valhalla, a significant portion of Surge's associated natural gas production will commence flowing to the nearby Wembley gas plant this week, further increasing Surge's ability to access third party plant capacity. Based on the three (100 percent) exciting wells drilled into the large northern pool extension at Valhalla this year, including the new well at 10-07-075-08W6 (Press Released August 5th, 2015), Surge is now experiencing record production volumes at its core operated property at Valhalla. The new 10-07 well has now produced over 56,000 barrels of oil in 26 days. Earlier this year, Surge further consolidated its position at the north end of Valhalla, providing the Company with multiple future locations in this exciting new pool extension.\n\nThe continued excellent development drilling results referred to above, leave Surge well positioned to exceed management's 2015 production exit rate target of 14,500 boepd. Accordingly, Surge management has delayed the drilling of three wells ($5.1 million of capital) until the fourth quarter of 2015.\n\nEXECUTIVE APPOINTMENT - MR. PAUL FERGUSON\n\nSurge is pleased to welcome Mr. Paul Ferguson, who will be joining the Company in the position of Chief Financial Officer (\"CFO\").  \n\nWith over 25 years of industry experience, Mr. Ferguson brings a breadth of experience to the CFO role. He began his career in the field of Engineering with a Bachelor of Science in Mechanical Engineering from the University of Oklahoma and worked directly in operations. He later pursued a Masters of Bus...