Surge Energy GAAP EPS of -C$0.29, revenue of C$168.45M; initiates FY24 outlook
Press Room
Surge Energy press release (OTCPK:ZPTAF): Q4 GAAP EPS of -C$0.29.
Revenue of C$168.45M (+1.6% Y/Y).
Generated cash flow from operating activities of C$79.7 million in Q4/23.
Reduced net debt by over C$62 million in 2023 to C$290.1 million, a decrease of 18 percent.
In Q4/23 Surge achieved an average production rate of 25,050 boepd (86 percent liquids), exceeding the Company’s 2023 public guidance production exit rate of 25,000 boepd. Additionally, Surge achieved record annual production in 2023 of 24,438 boe/d (86 percent liquids), an increase of 15 percent over 2022 average production of 21,262 boepd.
Outlook: Ownership of more than 3.1 billion of net (internally estimated) OOIP; with an estimated 7.7 percent recovery factor.
Estimated 2024 average production 0f 25,000 boepd (87 percent liquids).
Estimated 24 percent annual corporate decline.
Estimated 2024 cash flow from operating activities of C$295 million.
C$48 million annual cash dividend (C$0.48 per share annual dividend, paid monthly).
More than 1,000 (net) internally estimated drilling locations providing a 13-year drilling inventory.
C$1.2 billion in tax pools (approximate 4 year tax horizon at US$75 WTI pricing).
Total Proved plus Probable net asset value of C$17.63 per share and Total Proved NAV of C$11.27 per share.
