Surge Energy Inc. announced Aug. 25 record results from its drilling programs in southwest Saskatchewan and northwest Alberta.
Calgary, Alberta's Surge said it has completed and placed on production the four net wells drilled in June and July at Shaunavon, Saskatchewan, with better than type curve results.
Net production added from Surge's latest four new Upper Shaunavon wells is more than 800 barrels per day (bbl/d) of oil. Surge has more than 200 low risk Upper Shaunavon development drilling locations in the play.
At Valhalla in northwest Alberta, a significant portion of Surge's associated natural gas production will commence flowing to the nearby Wembley gas plant this week, further increasing Surge's ability to access third party plant capacity.
Surge is now experiencing record production volumes at its core operated property at Valhalla based on three wells drilled into the large northern pool extension including the new well at 10-07-075-08W6. The new 10-07 well has now produced over 56,000 bbl of oil in 26 days.
Earlier this year, Surge further consolidated its position at the north end of Valhalla , providing the company with multiple future locations in this exciting new pool extension.
Surge said the continued positive development drilling results leave the company well positioned to exceed management's 2015 production exit rate target of 14,500 barrels of oil equivalent per day (boe/d). Accordingly, Surge management has delayed the drilling of three wells (C$5.1 million of capital) until the fourth quarter of 2015.
In addition, Surge announced the appointment of Paul Ferguson as CFO.
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