11:56 AM EST - Surge Energy Inc. : announced its financial and operating results for the three-month period ended June 30. The company achieved funds from operations per basic share of $0.17 in the second quarter of 2010. Funds from operations were $4.7 million in the second quarter of 2010, a 23% increase as compared to $3.8 million in the second quarter of 2009. Surge also realized a 32% increase in revenue per barrel of oil equivalent (boe) in Q2 2010. The increase in revenue contributed to a 12% increase in Surge's operating netback (defined as revenue excluding realized and unrealized gain/(losses) on commodity contracts per boe less royalties, operating and transportation expenses on a per boe basis) which averaged $26.30 per boe in the second quarter of 2010. Surge Energy Inc.
shares V.SGY are trading down $0.05 at $5.20.
