09:52 AM EST - Surge Energy Inc. : announced its 2013 capital budget and guidance and provide an operations update. Surge's board of directors has approved a capital budget of $140 million for 2013 with a balanced approach of production growth (approximately 16% growth in average daily production per share) and unlocking additional value in its high quality, large DPIIP light oil assets. Surge has allocated approximately $124 million to its 2013 drilling program, $9 million to waterflood implementation and optimization, $17 million to a combination of land, acquisitions, corporate and capitalized G&A expenditures and is planning $10 million of non-core dispositions late in the year. Surge is also pleased to announce that the Company's bank line was increased from $250 million to $290 million late in the fourth quarter of 2012. Surge Energy Inc.
shares T.SGY are trading up $0.10 at $4.10.
