Brief: Surge Energy Announces 2018 Preliminary Results, 2019 Activity Guidance And Management Transition

SURGE ENERGY

13/02/2019 20:58

Feb 13 (Reuters) - Surge Energy Inc  SGY.TO :
    * SURGE ENERGY ANNOUNCES 2018 PRELIMINARY RESULTS, 2019
ACTIVITY
GUIDANCE AND MANAGEMENT TRANSITION
    * SURGE ENERGY INC - Q4 2018 PRODUCTION OF 43.2 MBOE/D (91%
OIL),
UP 38% VERSUS Q4 2017
    * SURGE ENERGY INC - LINHUA GUAN HAS BEEN NAMED CHIEF
EXECUTIVE
OFFICER, EFFECTIVE MAY 1, 2019
    * SURGE ENERGY INC - HAS REDUCED DEVELOPMENT ACTIVITY IN
2019
WHILE STILL PROJECTING YEAR-OVER-YEAR PRODUCTION GROWTH
    * SURGE ENERGY INC - DEXTER BURLEIGH WILL REMAIN WITH
COMPANY IN
ROLE OF PRESIDENT
    * SURGE ENERGY INC - REDUCED DEVELOPMENT ACTIVITY IN 2019 IN
RESPONSE TO MACRO COMMODITY PRICE VOLATILITY
    * SURGE ENERGY - BEGUN REDUCING OPERATED RIG ACTIVITY FROM
2018
EXIT RATE LEVEL OF SIX RIGS TO OPERATED RIG COUNT OF THREE RIGS
BY END OF Q1 OR EARLY Q2
    * SURGE ENERGY INC - IF COMMODITY MARKETS IMPROVE AND RIG
ACTIVITY
IS INCREASED IN 2H 2019, COMPANY EXPECTS TO DRILL BETWEEN 80 -
85 GROSS OPERATED WELLS
    * SURGE ENERGY INC - IF COMMODITY MARKETS IMPROVE & RIG
ACTIVITY
RISES IN H2, SEES CAPEX $680-$720 MILLION & PRODUCTION GROWTH OF
10%-15% IN 2019
    * SURGE ENERGY INC - IF COMMODITY MARKETS DO NOT IMPROVE &
RIG
ACTIVITY IS HELD FLAT IN 2H 2019, EXPECTS TO DRILL BETWEEN 55 -
60 GROSS OPERATED WELLS
    * SURGE ENERGY INC - IN PROCESS OF REDUCING RIG COUNT TO
THREE
    * SURGE ENERGY - IF COMMODITY MARKETS DON'T IMPROVE & RIG
ACTIVITY
HELD FLAT IN H2, SEES CAPEX OF $525 - $550 MILLION & PRODUCTION
GROWTH OF 5%-8% IN 2019

Source text for Eikon:  urn:newsml:reuters.com:*:nPn5hfcX0a
Further company coverage:  SGY.TO 

 ((Reuters.Briefs@thomsonreuters.com;))