Brief: Surge Energy Quarterly Average Production increases over 20 pct

SURGE ENERGY

07/11/2018 02:07

Nov 6 (Reuters) - Surge Energy Inc  SGY.TO :
    * INC. ANNOUNCES THIRD QUARTER 2018 RESULTS; AVERAGE Q3
PRODUCTION
EXCEEDS 2018 EXIT RATE GUIDANCE; ADJUSTED FUNDS FLOW PER SHARE
UP 80 PERCENT OVER Q3/17
    * SURGE'S Q3/18 QUARTERLY AVERAGE PRODUCTION OF 18,029 BOEPD
(79
PERCENT OIL AND LIQUIDS) INCREASED BY MORE THAN 20 PERCENT OVER
    * ADJUSTED FUNDS FLOW IN Q3/18 WAS $40.6 MILLION ($0.18 PER
SHARE)
    * Q3 OPERATING NETBACK PER BOE INCREASED BY 40 PERCENT, TO
$28.75
PER BOE IN Q3/18, FROM $20.59 PER BOE IN Q3/17.
    * SAYS BUDGETED CAPITAL EXPENDITURES FOR 2018 HAVE NOW BEEN
INCREASED FROM $107 MILLION TO $117 MILLION
    * ANTICIPATES ADDITIONAL SAWN WELLS WILL COME ON PRODUCTION
IN
EARLY JANUARY 2019.
    * BOARD ANALYZING IF SHOULD DEFER SOME PORTION OR ALL OF
ANTICIPATED DIVIDEND INCREASE FROM $0.10 PER SHARE TO $0.125 PER
SHARE,
    * ANTICIPATES CONFIRMING 2019 GUIDANCE IN EARLY JANUARY,
2019.

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

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