HOUSTON, May 30, 2023
/PRNewswire/ -- Surge Energy US Holdings Company ("Surge Energy" or
the "Company") today announced the Company celebrated its eighth
anniversary of the Company's founding.
Surge Energy was founded in May
2015 and has since accumulated over 160,000 net acres in the
Permian Basin, drilled and completed approximately 498 horizontal
wells, grown production by over 16 times from 2015 production
levels, and conserved over 4.6 billion gallons of fresh water
through the utilization of the Company's produced water recycling
system. Additionally, since its inception, Surge has
contributed over $7.3 billion to the
Texas economy which includes
cumulative oil and gas revenues, royalty and working interest
payments, and production taxes. First quarter 2023 production was
approximately 58,000 net barrels of oil equivalent per day which
was the highest first quarter production in Company
history.
The Company is well-positioned for future opportunities with
substantial reserve life and low-breakeven economics for
undeveloped drilling opportunities. As of year-end 2022, the
Company's Ryder Scott Reserve report included approximately 12
years of remaining inventory life at a 3-operated drilling rig
pace. The remaining proved undeveloped inventory was
approximately 4.5 years also at a 3-operated drilling rig pace and
averaged a breakeven oil price of $33
per barrel. Additionally, the Company's proven reserve life
is 15 years which is calculated by year-end 2022 Ryder Scott SEC
Proved Reserves divided by 2022 annual production.
"Surge is well positioned for future growth of the business due
to the Company's strong financial position and opportunities to
continue to develop the Company's existing assets at strong
economics with low breakevens," stated CEO Linhua Guan. "We are excited to continue to
deliver results in an efficient and sustainable manner."
About Surge Energy US Holdings Company
Surge Energy is an independent oil and natural gas company
focused on the development, exploitation, production, and
acquisition of oil and natural gas reserves in the Midland Basin of
West Texas, one of three primary
sub-basins of the Permian Basin. The Company is headquartered
in Houston, Texas, and currently
holds approximately 161,000 net acres in the Permian Basin as of
year-end 2022. For more information, visit our website at
www.SurgeEnergyA.com.
Contact Information
Investor Relations
Email: InvestorRelations@surgeenergya.com
Phone: 832-333-2400
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SOURCE Surge Energy