Surge Energy US Holdings Company announces upgraded credit ratings from Moody's Investors Service to Moss Creek Resources Holdings, Inc. , a subsidiary of Surge Energy and issuer of the Company's Senior Unsecured Notes . As announced by Moody's, the Corporate Family Rating was upgraded to B2 from B3 and the Senior Notes rating to B3 from Caa1. "We believe this ratings action by Moody's demonstrates the quality of our [...]
Surge Energy US Holdings Company announces an increased borrowing base from $1.2 billion to $1.5 billion and elected commitments from $860 million to $935 million on the Company's revolving credit facility . The increases are in connection with the Credit Facility's regularly scheduled semi-annual redetermination that recently closed. As of March 31, 2022, the company had approximately $88 million in cash and $255 million [...]
Surge Energy US Holdings Company announces the Company achieved record low flare gas performance in 2021 and continued industry leadership in water management. In 2021, the Company reduced its total flared gas percentage by approximately 60% compared to 2020. Flared gas percentage is the gross operated flared gas volumes as a percentage of total gross operated gas produced. The Company is committed to reducing GHG [...]
Surge Energy Inc. is pleased to announce its financial and operating results for the quarter and year ended December 31, 2021, its year end 2021 reserves as independently evaluated by Sproule Associates Limited , and a new net asset value of $16.94 per share for Total Proven Plus Probable reserves. The financial and operating results contained herein do not include a full quarter of contribution from Surge's strategic [...]
Surge Energy Inc. is pleased to announce its 2022 budget guidance, as approved by the Company's Board of Directors, an update on Surge's anticipated reinstatement of Management's shareholder returns focused business model, and an operations update. 2022 BUDGET GUIDANCE - & SUSTAINABILITY Surge's focus in 2022 continues to be on disciplined capital allocation, with cash flow strategically allocated between capital [...]
Surge Energy Inc. is pleased to announce that it has published its inaugural Sustainability Report. INAUGURAL SUSTAINABILITY REPORT Surge is pleased to present its inaugural Sustainability Report, outlining the Company's progress on environmental, social and governance practices and their impact on Surge's business and operating strategy. This Sustainability Report reaffirms the Company's commitment to be a leader in [...]
Surge Energy Inc. is pleased to announce that it has closed a $130 million 5-year term debt facility and a new normal course $150 million first lien credit facility with a revised syndicate of five lenders . Concurrent with the closing of the Term Debt Facility and First Lien Credit Facility, the Company has repaid its $42 million, non-revolving BDC term loan . NEW 5-YEAR TERM DEBT FACILITY On December 9, 2021 Surge [...]
Surge Energy Inc. is pleased to announce its financial and operating results for the quarter ended September 30, 2021. The Company's financial and operating results for the third quarter of 2021 include only a partial quarter of operational and financial contribution from the previously announced acquisition of Astra Oil Corp. , which closed on August 18, 2021. Additionally, Surge's financial and operating results for the [...]
Surge Energy Inc. is pleased to announce the completion of the previously announced acquisition of Fire Sky Energy Inc. pursuant to an amalgamation under the provisions of The Business Corporations Act . FIRE SKY ACQUISITION CLOSED Surge has been advised by Fire Sky that the amalgamation was approved by 97.6% of the Fire Sky Shares voted at the special meeting of Fire Sky shareholders to approve the Transaction, held on [...]
Surge Energy US Holdings Company announces the completion of an amendment to the existing amended and restated revolving credit facility that, among other things, increases the elected commitments to $860 million and extends the maturity of the facility from April 2023 to October 2025. The amendment to the Company's amended and restated revolving credit facility is effective on October 4, 2021. The facility's total [...]
Surge Energy Inc. and Fire Sky Energy Inc. announce that they have entered into an amalgamation agreement , pursuant to which Surge has agreed to acquire all of the issued and outstanding common shares of Fire Sky by way of a statutory amalgamation for total consideration of approximately $58 million. The Transaction is to be funded by the issuance of approximately 11.2 million Surge common shares , and the assumption of [...]
Winners to be Announced December 9th at a black-tie gala in New York City Surge Energy US Holdings Company has been named a finalist in four categories in the 23rd annual S&P Global Platts Global Energy Awards. The 2021 Finalists were announced on September 23, 2021 by program host S&P Global Platts, the leading global provider of energy and commodities information and spot market benchmarks. Surge Energy was announced as [...]
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