Brief: Surge Energy Inc. Announces Successful 1H/21 Drilling Program Strategic $106 Million Asset Sale Positive Credit Facility Re-Determination

SURGE ENERGY

05/03/2021 13:04

March 5 (Reuters) - Surge Energy Inc  SGY.TO :
    * SURGE ENERGY INC. ANNOUNCES SUCCESSFUL 1H/21 DRILLING
PROGRAM;
STRATEGIC $106 MILLION ASSET SALE; POSITIVE CREDIT FACILITY
RE-DETERMINATION
    * SURGE ENERGY INC - PROCEEDS FROM SALE WILL REDUCE SURGE'S
BANK
INDEBTEDNESS BY OVER $100 MILLION
    * SURGE ENERGY INC - PLANNING DISCIPLINED CAPITAL ALLOCATION
STRATEGY WITH AN EMPHASIS ON FREE CASH FLOW GENERATION IN 2H/21
    * SURGE ENERGY - REACHED AGREEMENT IN PRINCIPLE WITH
RESPECTIVE
LENDER SYNDICATES TO RE-DETERMINE FIRST & SECOND LIEN CREDIT
FACILITIES
    * SURGE ENERGY INC - AT CLOSING OF SALE, CO SEES FIRST LIEN
CREDIT
FACILITIES WILL BE RE-DETERMINED AT $215 MILLION

Source text for Eikon:  ID:nCNWWGBZwa 
Further company coverage:  SGY.TO 

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