ENP Newswire -
Release date- 01082014 - CALGARY -
Surge's financial and operating results for the period ended
RECORD PRODUCTION, FUNDS FLOW, NETBACKS AND CLOSING OF STRATEGIC BUSINESS COMBINATION IN THE SECOND QUARTER OF 2014
Surge is pleased to report record funds from operations of
Achieved a second quarter average production rate of 16,395 boe per day, an increase of 75 percent from 9,373 boe per day in the same period of 2013.
Funds from operations increased 144 percent to a record
A second quarter capital program (not including acquisitions and divestitures) of
Achieved records for both operating and corporate netbacks in the second quarter of 2014. Surge's operating netback increased to
Increased Surge's oil and natural gas liquids production weighting by 18 percent to 87 percent in the second quarter of 2014 from 74 percent in the second quarter of 2013.
Approximately 95 percent of Surge's revenue resulted from oil and natural gas liquids production in the second quarter of 2014.
Reduced G&A per boe by 58 percent in the second quarter of 2014 as compared to the same period in 2013. Surge has had excellent results with respect to managing and reducing costs. The Company's G&A costs have dropped from
Announced the completion of the strategic business combination with Longview. The transaction is accretive to Surge on all metrics, and adds high quality concentrated reserves, production, land, and operations that are contiguous with Surge's three existing core areas.
Increased the Company's dividend by 11 percent from
Increased the Company's bank line to
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