CALGARY, Feb. 13, 2018 /CNW/ - Surge Energy Inc. ("Surge"
or the "Company") announced the results of its independent reserves
evaluation (the "Sproule Report") effective December 31, 2017, as prepared by Sproule
Associates Limited ("Sproule").
Surge is pleased to announce an increase in the Company's
year-end 2017 net asset value ("NAV") of more than 10 percent per
share over 2016, to $6.06 per share.
Sproule's 2017 year end price forecast has 2018 WTI crude oil
prices below current average strip pricing for 2018.
The Company also reported that its 2017 capital expenditure
program resulted in an increase of 13 percent in Surge's total
reserves on a total proved plus probable basis, to 95 million
barrels of oil equivalent ("boe")- with over 82 percent being oil
and NGL's.
2017 RESERVES HIGHLIGHTS:
Surge's focused operating strategy of utilizing growth capital
to acquire, exploit and waterflood high quality, large original oil
in place ("OOIP1"), conventional, sandstone reservoirs,
continues to provide excellent consistent results, as demonstrated
by the following:
- Increased the Company's 2017 NAV by 11 percent to $6.06 per common share; Sproule's 2018 crude oil
price forecast is below current strip oil pricing for 2018.
- Surge's Total Proved ("1P") 2017 NAV has been independently
evaluated to be $3.67 per basic
share, an increase of 9 percent from 2016.
- Increased Total Proved and Probable ("2P") reserves by 13
percent, to 95.2 million boe.
- Proved developed producing reserves value increased by 10
percent over 2016, from $553 million
to $607 million on a NPV10 BT
basis.
- Added 9.28 MMboe of proved developed producing reserves,
replacing over 170 percent of 2017 production (estimated at 5.45
MMboe).
- Delivered an "all-in" FD&A cost of $13.60 per boe2, on a total proved plus probable
basis, including changes in undiscounted FDC.
- Reported a 2017 recycle ratio of 1.74 times FD&A3, on a
total proved plus probable basis, with oil prices averaging US
$50.95 WTI per barrel.
- Only 292 of Surge's 700 gross internally estimated well
inventory has been booked in the 2017 Sproule Report; this
conservative booking reflects FDC of 4 years of estimated 2017
funds flow.
- Based on successful results from the Company's ongoing
waterflood activities, incremental waterflood reserve bookings were
added in both the Upper Shaunavon and Sparky core areas.
______________________________
|
1
|
Original Oil in Place
(OOIP) is the equivalent to Discovered Petroleum Initially In Place
(DPIIP) for the purposes of this press release.
|
2
|
"All-in" FD&A was
calculated by dividing the total 2017 capital (total 2017
development capital and 2017 A&D capital and 2017 DFDC capital)
by the total 2017 TPP reserve "Adds and Revisions".
|
3
|
Recycle Ratio is
equal to Surge's 2017 Operating netback, divided by
FD&A.
|
2017 INDEPENDENT RESERVES EVALUATION:
The evaluation of our reserves was done in accordance with the
definitions, standards and procedures contained in the Canadian Oil
and Gas Evaluation Handbook ("COGE Handbook") and National
Instrument 51-101 - Standards of Disclosure for Oil and Gas
Activities ("NI 51-101"). Additional reserves information as
required under NI 51-101 will be included in Surge's Annual
Information Form which will be filed on SEDAR on or before
March 31, 2018.
Independent reserve evaluators, Sproule, evaluated 100 percent
of Surge's total net present value reserves.
RESERVES SUMMARY:
The following tables summarize Surge's working interest oil,
natural gas liquids and natural gas reserves and the net present
values ("NPV") of future net revenue for these reserves (before
taxes) using forecast prices and costs as set forth in the Sproule
Report.
|
|
|
|
|
Gross
Reserves(4):
|
Crude Oil
and NGLs(5)
|
Natural
Gas(6)
|
Oil
Equivalent
Total
Reserves
|
BTax NPV of Future
Net
Revenue Discounted at
|
5%
|
10%
|
15%
|
|
(Mbbls)
|
(MMcf)
|
(Mboe)
|
($000's)
|
($000's)
|
($000's)
|
Proved:
|
|
|
|
|
|
|
|
Proved
Producing
|
27,430
|
34,321
|
33,151
|
737,123
|
606,591
|
517,242
|
|
Proved
Non-Producing
|
1,665
|
766
|
1,792
|
36,972
|
31,203
|
26,605
|
|
Proved
Undeveloped
|
20,910
|
31,663
|
26,187
|
486,270
|
358,162
|
271,793
|
Total
Proved
|
50,005
|
66,752
|
61,130
|
1,260,365
|
995,956
|
815,640
|
|
Probable
|
28,440
|
33,874
|
34,086
|
801,350
|
556,062
|
414,968
|
Total Proved plus
Probable
|
78,445
|
100,625
|
95,216
|
2,061,715
|
1,552,018
|
1,230,607
|
|
|
(4)
|
Amounts may not add
due to rounding.
|
(5)
|
Includes light,
medium, heavy and tight oil and natural gas liquids.
|
(6)
|
Includes conventional
natural gas, solution gas and coal bed methane.
|
The Company's Proved Developed Producing reserves are 82 percent
liquids.
NET ASSET VALUE:
The Company's new NAV, as of December 31, 2017, has been
evaluated to be $6.06 per basic share – utilizing
Sproule's December 31, 2017
independent reserves valuation and price forecast. Notably,
Sproule's 2017 year end price forecast has crude oil prices below
current average strip pricing for 2018.
Surge's December 31, 2017 detailed NAV calculation is
set forth below:
|
NAV
|
Proved Plus Probable
Reserve Value NPV10 BT (incl. FDC)
|
$M
|
1,552,000
|
Undeveloped Land and
Seismic (internally estimated)
|
$M
|
100,000
|
Estimated Net Debt
(unaudited)
|
$M
|
(241,000)
|
Total Net
Assets
|
$M
|
1,411,000
|
|
|
|
Basic Shares
Outstanding (000's)
|
|
233,000
|
Fully Diluted Shares
Outstanding (000's)
|
|
244,600
|
|
|
|
Estimated NAV per
Basic Share
|
$/share
|
6.06
|
Estimated NAV per
Fully Diluted Share
|
$/share
|
5.77
|
Surge's 1P 2017 NAV has been independently evaluated to be
$3.67 per basic share.
SUMMARY OF SELECTED SPROULE PRICE FORECASTS AS AT
DECEMBER 31, 2017:
Year
|
WTI
Cushing
Oklahoma 40o API
($US/bbl)
|
AECO-C
Spot
CAD$/Mmbtu
|
Exchange
Rate
$US/$CAD
|
2018
|
55.00
|
2.85
|
0.79
|
2019
|
65.00
|
3.11
|
0.82
|
2020
|
70.00
|
3.65
|
0.85
|
2021
|
73.007
|
3.80
|
0.85
|
RESERVE LIFE INDEX ("RLI"):
Surge management creates shareholder value through the efficient
development of high quality, large OOIP, conventional, crude oil
reservoirs. The cost-effective growth of the Company's reserves,
combined with the sustainable production of these reserves, will
continue to generate long term returns for Surge shareholders.
______________________________
|
7
|
Escalation Rate 2
percent thereafter
|
The following table highlights Surge historical RLI:
|
|
|
|
Reserve Life Index
(Years)(8)
|
2017
|
2016
|
2015
|
Total
Proved
|
11.2
|
11.1
|
10.3
|
Total Proved plus
Probable
|
17.5
|
17.9
|
16.8
|
|
|
(8)
|
Calculated based on
the amount for the relevant reserves category prepared by Sproule,
divided by the production estimate for the applicable
year.
|
FUTURE DEVELOPMENT COSTS ("FDC"):
Future development cost estimates reflect Sproule's best
estimate of the costs required to bring the total proved and proved
plus probable reserves on production. The Company has 50.4
MMboe of total proved and probable undeveloped and non-producing
reserves assigned to $485 million of
FDC. At a cost of $9.64 per boe,
these future reserves generate $731
million of net present value discounted at 10 percent,
before income tax.
The Company estimates 2017 corporate capital expenditures at
$98.5 million (unaudited), and an
additional $73 million pursuant to
acquisitions and divestitures.
During the year, the Company completed two strategic core-area
acquisitions of high quality assets with large OOIP, low decline,
light and medium gravity crude oil production, and associated
undeveloped acreage directly offsetting Surge's core operated,
large OOIP, Eyehill and Sounding Lake crude oil assets. Surge
internally estimates over 65 net crude oil drilling locations on
these core area acquisitions.
The following table sets forth the schedule of FDC required to
develop Surge's future undeveloped reserves (using forecast prices
and costs).
|
|
|
Future Development
Costs
|
Total
Proved
|
Total Proved
plus Probable
|
|
($M)
|
($M)
|
2018
|
75,076
|
82,049
|
2019
|
111,086
|
143,373
|
2020
|
129,388
|
152,206
|
2021
|
38,024
|
84,492
|
2022
|
6,568
|
23,096
|
Remaining
|
0
|
260
|
Total
(Undiscounted)
|
360,142
|
485,477
|
Total (Discounted at
10%)
|
302,267
|
399,526
|
INTENTION TO REINSTATE NORMAL COURSE ISSUER BID:
Over the last six quarters Surge has delivered excellent
drilling and waterflood results at its three core areas of Sparky,
Shaunavon and Valhalla – all conventional, low cost assets
that generate top tier production efficiencies, and high rates of
return at strip oil prices. The Company has now increased
production per share by more than 22 percent in the past 18 months,
while maintaining a corporate decline estimated to be less than 24
percent.
As world crude oil prices increased from US$26 WTI per barrel on February 11th, 2016 to over US
$58 WTI today, the price of Surge's
common shares have decreased from $1.91 per share on February 11th, 2016, to $1.77 per share today. Surge's new 2017 PDP NAV
is $2.019 per share.
Accordingly, given Surge's significant available liquidity, and
the Company's continued excellent operational results, Surge
management and Board have determined to seek TSX approval to
re-institute a normal course issuer bid ("NCIB") providing for the
repurchase of Surge common shares through the facilities, rules and
regulations of the TSX.
Surge will file a notice of intention to make a NCIB with the
TSX. The NCIB will be subject to receipt of certain
approvals, including acceptance of the notice of intention by the
TSX. The NCIB will commence following receipt of all such
approvals and will continue for a period of up to one year.
The Company is currently generating significant annualized free
funds flow, based on budget pricing assumptions, and current strip
WTI pricing for oil of more than US $58 WTI. Surge has approximately $100 million of credit availability on its bank
lines.
Further, early in the first quarter of 2018, the Company closed
the sale of a minor, non-core property for gross proceeds of
$6.8 million. Surge intends to
redeploy, on an accretive per share basis, some or all of the
proceeds from this non-core asset sale into the NCIB.
Acquiring Surge common shares pursuant to the facilities of the
TSX NCIB rules allows Surge management excellent flexibility in
assessing market valuations and fluctuations on a weekly basis i.e.
if market conditions recover and the trading price for Surge shares
increases, management can choose to suspend the NCIB for a short
period, or indefinitely, at their discretion.
Further, Surge does not have to pay a dividend on common shares
that it acquires pursuant to the NCIB - thereby increasing the
Company's sustainability.
The NCIB set forth above provides an excellent return on
investment to Surge shareholders, including: significant NAV
accretion (using Surge's new December 31,
2017 Sproule NAV of $6.06 per
share), dividend savings, less interest on applicable debt. The
NCIB provides an additional method for Surge management to return
capital to its shareholders, along with the payment of the
Company's dividend.
Accordingly, in 2018 Surge anticipates: 1) delivering annual
growth of five to seven percent production per share; 2) returning
capital to its shareholders pursuant to the Company's attractive
dividend; 3) generating substantial free funds flow at current
strip pricing and management's budget pricing assumptions; and 4)
returning capital to its shareholders pursuant to the accretive
buyback of its common shares in accordance with the NCIB.
______________________________
|
9
|
NPV10 before tax,
based on Sproule's 2017 year end independent reserves valuation and
price forecast, combined with internally estimated values for land,
seismic and net debt.
|
FINANCIAL UPDATE
Since the end of the third quarter 2017, Surge has been
augmenting the Company's 2018 crude oil hedge position. Over
the past three months, Surge has added on average 1,900 bopd to
hedge volumes for 2018. In aggregate this includes 650 bopd
of swap contracts with a weighted average price of US $58.02/bbl, and 1250 bopd of put option/option
spreads at various prices. The table below provides the
detailed contract breakdown:
|
|
|
|
|
|
|
|
Type
|
Contract
|
Term
|
bbl/d
|
Currency
|
Floor
(per bbl)
|
Ceiling
(per bbl)
|
Swap Price
(per bbl)
|
WTI
|
Swap
|
Jan-Feb
2018
|
2000
|
USD
|
|
|
$
|
57.03
|
WTI
|
Swap
|
Mar-Jun
2018
|
1000
|
USD
|
|
|
$
|
60.00
|
WTI
|
Long Put
Option
|
1Q 2018
|
2000
|
USD
|
$
|
53.00
|
|
|
WTI
|
Short Put
Option
|
1Q 2018
|
1000
|
USD
|
$
|
47.75
|
|
|
WTI
|
Long Put
Option
|
2H 2018
|
1000
|
USD
|
$
|
60.00
|
|
|
WTI
|
Short Put
Option
|
2H 2018
|
1000
|
USD
|
$
|
55.00
|
|
|
As a result of Surge's on ongoing risk management program, the
Company now has an average of 4,900 barrels per day of crude oil
hedged for 2018, with an average floor price of CAD $67.25 WTI per barrel10.
OUTLOOK – STRONG PROFITABILITY AT STRIP CRUDE OIL
PRICES:
Management's stated goal at Surge is to be the best positioned
public crude oil growth and dividend paying company in Canada.
Today Surge has released an exciting new Five Year Business Plan
("Plan") available in the Company's Corporate Presentation - which
can be found online at (www.surgeenergy.ca). The Plan illustrates
that Surge can organically grow production per share per year at
five percent; cash flow per share per year at nine percent; pay
Surge's current $0.095 per share, per
annum dividend; and, in addition, generate over $215 million of free cash flow over the five
years (i.e. above the Company's capex and current dividend) – all
at flat US $65 WTI pricing for oil.
In this scenario, only 47 percent of Surge's large, 10 year
inventory of more than 700 drilling locations will be
used.
Surge management believe that the Company's focused operating
strategy, top production efficiencies, rigorous cost controls and
solid balance sheet, will allow the Company to continue to
outperform.
______________________________
|
10
|
Assumes $0.78 CAD/USD
exchange rate on all USD-denominated positions.
|
DISCLAIMERS
Unaudited Financial Information
Certain financial and operating information included in this
press release for the quarter and year ended December 31,
2017, such as finding and development costs, production
information, operating netbacks, recycle ratios and net asset value
calculations are based on unaudited financial results for the year
ended December 31, 2017 and are subject to the certain
limitations as discussed under forward-looking statements outlined
at the end of this news release. These estimated amounts may
change upon completion of the audited financial statements for the
year ended December 31, 2017 and those changes may be
material.
Per share information is based on the total common shares
outstanding, as at December 31, 2017.
For certain calculations, Management used an estimate
of $171.5 million for total capital expenditures for
2017 including acquisitions and dispositions.
Information Regarding Disclosure on Oil and Gas
Reserves
The reserve data provided in this news release presents
only a portion of the disclosure required under NI
51-101. The oil and gas disclosure statements for the year
ended December 31, 2017, which will include complete
disclosure of Surge's oil and gas reserves and other oil and gas
information in accordance with NI 51-101, will be contained within
Surge's Annual Information Form which will be available
on Surge's SEDAR profile on or before March 31,
2018 at www.sedar.com.
There are numerous uncertainties inherent in estimating
quantities of crude oil, natural gas and NGL reserves and the
future cash flows attributed to such reserves. The reserve and
associated cash flow information set forth above are estimates
only. In general, estimates of economically recoverable crude oil,
natural gas and NGL reserves and the future net cash flows
therefrom are based upon a number of variable factors and
assumptions, such as historical production from the properties,
production rates, ultimate reserve recovery, timing and amount of
capital expenditures, marketability of oil and natural gas, royalty
rates, the assumed effects of regulation by governmental agencies
and future operating costs, all of which may vary materially. For
those reasons, estimates of the economically recoverable crude oil,
NGL and natural gas reserves attributable to any particular group
of properties, classification of such reserves based on risk of
recovery and estimates of future net revenues associated with
reserves prepared by different engineers, or by the same engineers
at different times, may vary. The Company's actual production,
revenues, taxes and development and operating expenditures with
respect to its reserves will vary from estimates thereof and such
variations could be material.
All evaluations and reviews of future net revenue are stated
prior to any provisions for interest costs or general and
administrative costs and after the deduction of estimated future
capital expenditures for wells to which reserves have been
assigned. The after-tax net present value of the Company's oil and
gas properties reflects the tax burden on the properties on a
stand-alone basis and utilizes the Company's tax pools. It
does not consider the corporate tax situation, or tax
planning. It does not provide an estimate of the after-tax
value of the Company, which may be significantly different.
The Company's financial statements and the management's discussion
and analysis should be consulted for information at the level of
the Company.
The estimates of reserves and future net revenue for individual
properties may not reflect the same confidence level as estimates
of reserves and future net revenue for all properties, due to
effects of aggregations. The estimated values of future net revenue
disclosed in this press release do not represent fair market value.
There is no assurance that the forecast prices and cost assumptions
used in the reserve evaluations will be attained and variances
could be material.
Original Oil in Place (OOIP) is the equivalent to Discovered
Petroleum Initially In Place (DPIIP) for the purposes of this press
release. DPIIP is defined as quantity of hydrocarbons that
are estimated to be in place within a known accumulation. There is
no certainty that it will be commercially viable to produce any
portion of the resources. A recovery project cannot be defined for
this volume of DPIIP at this time, and as such it cannot be further
sub-categorized.
Boe means barrel of oil equivalent on the basis of 1 boe
to 6,000 cubic feet of natural gas. Boe may be misleading,
particularly if used in isolation. A boe conversion ratio of 1 boe
for 6,000 cubic feet of natural gas is based on an energy
equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
Boe/d and boepd means barrel of oil equivalent per day.
Forward Looking Statements
This press release contains forward-looking statements.
The use of any of the words "anticipate", "continue", "estimate",
"expect", "may", "will", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements.
More particularly, this press release contains statements
concerning: expectations with respect to the Company's ability to
operate and succeed in the current commodity price environment; the
Company's declared focus and primary goals; the Company's estimated
decline rate; the Company's intentions with respect to a normal
course issuer bid and purchases thereunder and the effects of
repurchases under the bid; Surge's dividend; simple payout ratio;
management's estimates and expectations regarding capital
expenditures and operating costs, growth opportunities and
strategies, estimated reserves and estimated resources; the
Company's five-year plan; the availability of Surge's bank line to
fund provide the Company with sufficient liquidity and financial
flexibility; and anticipated commodity prices; management's
expectations regarding debt levels. and the timing of the filing
of Surge's Annual Information Form and the information to
be contained therein.
Statements relating to "reserves" are also deemed to be forward
looking statements, as they involve the implied assessment, based
on certain estimates and assumptions, that the reserves described
exist in the quantities predicted or estimated and that the
reserves can be profitably produced in the future.
Certain other measures set forth in this press release may be
considered to be future-oriented financial information or a
financial outlook for the purposes of applicable Canadian
securities laws. Future-oriented financial information and
financial outlooks contained in this press release are based on
assumptions about future events based on management's assessment of
the relevant information currently available. The
future-oriented financial information and financial outlooks
contained in this press release have been approved by management as
of the date of this press release. Readers are cautioned that any
such future-oriented financial information and financial outlook
contained herein should not be used for purposes other than those
for which it is disclosed herein.
The forward-looking statements are based on certain key
expectations and assumptions made by Surge, including expectations
and assumptions concerning the performance of existing wells and
success obtained in drilling new wells, anticipated expenses, cash
flow and capital expenditures, ability to create shareholder value
and generate returns, sustainability of reserves, operational
results, liquidity available for Surge to repurchase its shares
through the NCIB, ability of Surge to sustain its dividend, free
funds flow available at current strip pricing, ability of Surge to
reach targets set forth in the Plan, the application of regulatory
and royalty regimes, prevailing commodity prices and economic
conditions, development and completion activities and the cost
thereof, the performance of new wells, the successful
implementation of waterflood programs, the availability of and
performance of facilities and pipelines, the geological
characteristics of Surge's properties and properties acquired by
Surge, the successful application of drilling, completion and
seismic technology, the determination of decommissioning
liabilities, prevailing weather conditions, exchange rates,
licensing requirements, the impact of completed facilities on
operating costs, costs of capital, liquidity of Surge, labour and
services, and the creditworthiness of industry partners.
Although Surge believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking
statements because Surge can give no assurance that they will prove
to be correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. These include, but are not limited to, risks associated with
the oil and gas industry in general (e.g., operational risks in
development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and
expenses, and health, safety and environmental risks), failure to
obtain the requisite approvals for the NCIB; commodity price and
exchange rate fluctuations and constraint in the availability of
services, adverse weather or break-up conditions, uncertainties
resulting from potential delays or changes in plans with respect to
exploration or development projects or capital expenditures or
failure to obtain the continued support of the lenders under
Surge's bank line. Certain of these risks are set out in more
detail in Surge's Annual Information Form dated March 31,
2017 and in Surge's MD&A for the period
ended September 30, 2017, both of which have been filed on
SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this press release
are made as of the date hereof and Surge undertakes no obligation
to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Drilling Inventory
This press release discloses drilling locations that are booked
locations as well as unbooked locations. Proved locations and
probable locations, which are sometimes collectively referred to as
"booked locations", are derived from the Surge's Reserves Report
and account for drilling locations that have associated proved or
probable reserves, as applicable. Unbooked locations are internal
estimates based on the Company's prospective acreage and an
assumption as to the number of wells that can be drilled per
section based on industry practice and internal review. Unbooked
locations do not have attributed reserves or resources. Of the over
700 gross (679 net) drilling locations identified herin 420 are
unbooked locations. Of the 292 gross (276 net) booked locations
identified herin 228 gross (215 net) are Proved locations and 64
gross (61 net) are Probable locations. Unbooked locations have
specifically been identified by management as an estimation of our
multi-year drilling activities based on evaluation of applicable
geologic, seismic, engineering, production and reserves data on
prospective acreage and geologic formations. The drilling locations
on which we actually drill wells will ultimately depend upon the
availability of capital, regulatory approvals, seasonal
restrictions, oil and natural gas prices, costs, actual drilling
results and other factors.
Test Results and Initial Production Rates
Any references in this press release to initial, early and/or
test production/performance rates are useful in confirming the
presence of hydrocarbons, however, such rates are not determinative
of the rates at which such wells will continue production and
decline thereafter. While encouraging, readers are cautioned not to
place reliance on such rates in calculating aggregate production.
The initial production rate may be estimated based on other third
party estimates or limited data available at this time. Initial
production or test rates are not necessarily indicative of
long-term performance of the relevant well or fields or of ultimate
recovery of hydrocarbons.
Non-IFRS Measures
This press release contains the terms "operating netback", and
"NAV" which do not have a standardized meaning prescribed by
International Financial Reporting Standards ("IFRS") and therefore
may not be comparable with the calculation of similar measures by
other companies. Management uses funds generated by operations to
analyze operating performance and leverage. Management believes
"operating netbacks" are a useful supplemental measures of the
amount of revenues received after royalties and operating and
transportation costs. Additional information relating to these
non-IFRS measures can be found in the Company's most recent
management's discussion and analysis MD&A, which may be
accessed through the SEDAR website (www.sedar.com).
Select Definitions
bbl
|
|
barrel
|
bbls
|
|
barrels
|
Mbbls
|
|
thousand
barrels
|
MMBtu
|
|
million British
thermal units
|
NGLs
|
|
natural gas
liquids
|
mcf
|
|
thousand cubic
feet
|
mmcf
|
|
million cubic
feet
|
mmcf/d
|
|
million cubic feet
per day
|
boe
|
|
barrel of oil
equivalent on the basis of 1 boe to 6 Mcf of natural
gas.
|
mboe
|
|
thousand
boe
|
$M
|
|
thousands of
dollars
|
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE Surge Energy Inc.