09:36 AM EST - Surge Energy Inc. : Announced its 2022 budget guidance, an update on Surge's anticipated reinstatement of Management's shareholder returns focused business model, and an operations update. The Company's 2022 capital budget will see 85% of the expenditures focused in its two, top-tier core medium and light gravity conventional crude oil plays in the Sparky and SE Saskatchewan, which now comprise two thirds of Surge's current production. Surge's disciplined 2022 capital expenditure budget: Maximizes free cash flow through a returns focused, $124 million exploration and development capital program; Generates forecasted 2022 annual cash flow from operating activities in excess of $255 million ($3.06 per share) at $75 U.S. WTI crude oil pricing; Generates free cash flow of over $130 million ($1.57 per share) at $75 U.S. WTI crude oil pricing. Surge Energy Inc.
shares T.SGY are trading unchanged at $6.26.
