Surge Energy America Announces 100 MMBOE Production Milestone and Listing in Houston Chronicle's Top Private Companies

HOUSTON, June 30, 2021 - Surge Energy US Holdings Company ("Surge Energy" or the "Company") announces it surpassed 100 million gross barrels of oil equivalent produced since the Company took over operatorship of the Moss Creek asset in 2016 and was listed in Houston Chronicle's Top Private Companies headquartered in Houston, TX as published on June 20, 2021.

The company celebrated this significant production milestone earlier this month. The Company's production has benefitted the Texas economy and community through significant capital investment, royalty payments to mineral owners who have interest under Surge Energy's producing acreage, contribution to local and state taxes, as well as creating local employment opportunities. Since inception, the Company has paid over $900 million in royalty payments to mineral owners while the State of Texas and several counties within Texas have received over $165 million of production and value related taxes.

"Surge is proud to celebrate this significant achievement of reaching 100 million gross barrels of oil equivalent in our very short six-year history as a company," stated Chief Executive Officer Linhua Guan. "This production has made a substantial economic impact in Texas as evidenced by over $1 billion dollars being distributed as royalty and tax payments."

Surge Energy Ranked 20th on the list of top private companies as determined by the Houston Chronicle. The list was published in the Houston Chronicle 100 on June 20, 2021 and is based on 2020 revenues. Surge Energy was the highest ranked E&P operator on the list.

About Surge Energy

Surge Energy US Holdings Company is an independent oil and natural gas company focused on the development, exploitation, production and acquisition of oil and natural gas reserves in the Midland Basin of West Texas, one of three primary sub-basins of the Permian Basin. The Company is headquartered in Houston, Texas, and currently holds approximately 110,000 net acres in the Permian Basin. Based on a Railroad Commission of Texas report, Surge was one of only two internationally sponsored companies in the top 20 oil producers in the state of Texas in 2019. For more information, visit our website at www.SurgeEnergyA.com.

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SOURCE Surge Energy