Surge Energy Inc. - ZPTAF stock
OTC Symbol: ZPTAF | OTC Tier: Pink Current | Related ticker symbols: TSX:SGY
Company Profile[edit]
Surge Energy Inc. (OTC: ZPTAF, TSX: SGY) is an oil-focused company based in Canada. The company was incorporated in 1998 as Zapata Energy Corporation before revising its name to Surge Energy Inc. in June 2010. It is headquartered in Calgary, Canada.[1] Surge Energy Inc. explores, develops, and produces oil and gas properties in Western Canada. It has conventional, medium to light crude oil reserves and a low decline production base. The firm's oil reservoirs have original oil in place (OOIP) with lower recovery factors. The company has unveiled more than 975 net drilling locations and several waterflood projects on its lands. Surge Energy's operations concentrate in core areas, including Greater Sawn, Valhalla, Sparky Core, SE Sask. and Manitoba, and Shaunavon.[2]
Acquisitions[edit]
Astra Oil[edit]
In June, 2021, the company announced the successful completion of the acquisition of Astra Oil Corp.[3] Surge confirmed that it had acquired all the issued and outstanding shares of Astra Oil for total consideration of $160 million approximately. Astra holds valuable assets, including over 4,100 boepd (barrels of oil equivalent per day) of operated, liquid oil production, primarily focused in SE Saskatchewan with an operating netback1 of more than $42 per boepd at US $65 WTI pricing.[4]
Fire Sky Energy[edit]
On November 1, last year, the company announced the closure of the pre-announced acquisition of Fire Sky Energy Inc. ("Fire Sky") according to an amalgamation (the "Transaction") under the provisions of The Business Corporations Act. The purchase price for the transaction was $58 million. Surge also indicated that it anticipates significant cash flow generation in 2022 via the acquisitions and consistent development of its high-quality, conventional crude oil assets.[5]
Vapor Recovery Unit Program[edit]
In its inaugural report, the company confirmed the abandonment of nearly 150 inactive wells, over 21% of inactive wells in 2020, and reduced CO2 equivalent emissions by 25,000 tonnes from its Surge's 2019 and 2020 Vapor Recovery Unit installation program.[6]
- ↑ Yahoo Finance. ZPTAF Stock Profile. Retrieved on 3/28/2024.
- ↑ CMBC News. ZPTAF Profile. Retrieved on 3/28/2024.
- ↑ Surge Energy Website
- ↑ newswire.ca. Surge Energy Inc. Announces Strategic $160 Million Southeast Saskatchewan Light Oil Acquisition; New $215 Million Credit Facility; and Upward Revision to 2021 Exit Rate and 2022 Production Guidance. June 22, 2021.
- ↑ newswire.ca. Surge Energy Inc. Announces $58 Million Southeast Saskatchewan Core Area Light Oil Acquisition; and an Upward Revision to 2021 Exit Rate and 2022 Production Guidance. October 4, 2021.
- ↑ newswire.ca. Surge Energy Inc. Announces Inaugural Sustainability Report. December 21, 2021.
