11:39 AM EST - Surge Energy Inc. : announced its 2012 year-end reserves evaluation (NI-51-101 compliant) and to provide an update on current operations. In 2012, Surge achieved 27% growth in reserves per share and forecasts (based on unaudited estimates), 21% growth in production per share (basic) and a 31% increase in cash flow per share (basic) despite lower realized field prices due to an $8.56 per barrel increase in oil differentials in 2012 from 2011. This increase in oil differentials decreased Surge's netback by approximately 25% over 2011. The Company also increased Proved plus Probable reserves by 43%, achieving a Proved plus Probable reserves replacement ratio of 5.3, Proved plus Probable finding, development and acquisition costs of $23.32 per boe (including the change in future development capital) and a corporate recycle ratio of 1.5. Surge Energy Inc.
shares T.SGY are trading up $0.22 at $3.85.
