Surge sells Manitoba, Saskatchewan assets

摘要

Surge Energy Inc. closed its C$430 million sale of assets in southeast Saskatchewan and Manitoba to Tore Oil & Gas Ltd. The assets have roughly 4,750 boe/d of crude oil production and more than 23 MMboe of independently engineered proven plus probable reserves. Surge, based in Calgary, said selling the assets will allow the company to compete and grow in the lower crude oil price environment and allow shareholders to enjoy "significant" per share upside growth leverage in the Shaunavon, Sparky and Valhalla plays.