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Surge Energy Inc. Maintains Existing Dividend for November 2018
Surge Energy Inc. Maintains Existing Dividend for November 2018 Canada NewsWire ...
About this update from Surge Energy Inc.
[{"type":"text","content":"\n\n\n\nSurge Energy Inc. Maintains Existing Dividend for November 2018\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Nov. 15, 2018\n\n\n\nCALGARY, Nov. 15, 2018 /CNW/ - Surge Energy Inc. (\"Surge\" or the \"Company\") (TSX: SGY) confirms that a cash dividend to be paid on December 17, 2018 in respect of November 2018 production, for the shareholders of record on November 30, 2018 will be $0.008333 per share. \nThe Company had previously announced that it anticipated increasing its dividend by 25% (from $0.10 per share annually to $0.125 per share annually) following the completion of the Company's $320 million, accretive, light oil acquisition of Mount Bastion Oil & Gas Corp., which closed on October 25, 2018.  However, during the extremely volatile period from the announcement of the Mount Bastion acquisition on September 5, 2018 until today: 1) US$ WTI prices have fallen from a high of US $76.24 to as low as US $56.85 per barrel, including 11 consecutive days of falling WTI prices; 2) the Canadian oil industry has experienced the unprecedented widening of Edmonton to WTI light oil differentials from US $10/bbl to as high as US $41/bbl; and 3) Canadian WCS crude oil differentials to WTI have widened from US$24.50/bbl, to as high as $46/bbl. On this basis, given Surge's disciplined approach to the dividend policy, the Company's Board of Directors and management have determined to maintain the dividend at its current level ($0.10 per share annually) until such time as market conditions warrant its reconsideration.  \nThe dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). \nSurge Energy Inc. is an oil-weighted production and development company with high quality, large oil in place, crude oil reservoirs. Management is focused on delivering to its shareholders solid per share organic growth, sustainable monthly dividends, and further growth through accretive, high quality acquisitions. \nFORWARD LOOKING STATEMENTS: \nThis press release contains forward-looking statements.  The use of any of the...