09:50 AM EST - Surge Energy Inc : Has formally approved the Company's 2019 capital budget, production and operation guidance. Surge's 2019 budget is consistent with its stated goal of delivering consistent shareholder returns through disciplined per share growth, as well as a sustainable dividend. Given the recent extreme volatility in both West Texas Intermediate crude oil prices, and Canadian crude oil differentials, Surge has reduced its previously-announced preliminary 2019 capital budget from $160 million to $135 million. This reduction provides substantial flexibility to react to changing commodity prices, while allowing the Company to continue to deliver its sustainable dividend to shareholders. Surge's first half 2019 capital budget targets an all-in payout ratio of less than 100% at current strip commodity prices. Surge Energy Inc.
shares T.SGY are trading down $0.04 at $1.42.
