CALGARY, Jan. 15, 2013 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is unaware of any material change within the Company.
In addition, Management would like to provide field estimates of production rates in December 2012. After restoring production from the previously announced outage at Valhalla South, Surge achieved a best one week average production rate of more than 10,230 boe per day with approximately 340 boe per day of additional downtime for a total 10,570 boe per day. These estimates do not include a 44 percent working interest Valhalla well which was brought on production in early January 2013 and is performing to Surge's type curve expectations.
Surge plans to release a more detailed operations update, along with the Company's 2013 capital expenditure plans before market open on January 18, 2013.
Note: 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 means barrel of oil equivalent per day.
SOURCE: Surge Energy Inc.