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BRIEF-Surge Energy Announces 2018 Preliminary Results, 2019 Activity Guidance And Management Transition

Published 2019-02-13, 03:58 p/m
© Reuters.  BRIEF-Surge Energy Announces 2018 Preliminary Results, 2019 Activity Guidance And Management Transition
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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

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