CALGARY,
AB, July 15, 2024 /CNW/ - Surge Energy Inc.
("Surge" or the "Company") (TSX: SGY) confirms that a cash dividend
to be paid on August 15, 2024, in
respect of July 2024 production, for
the shareholders of record on July 31,
2024 will be $0.043 per
share.
The $0.52 per share dividend
represents an 8 percent increase in the Company's dividend, from
$0.48 per share per year
($0.040 per share per month) to
$0.52 per share per year
($0.043 per share per month). On an
annualized basis, the increased dividend of $52 million represents less than 18 percent of
the Company's 2024 cash flow from operating activities guidance of
$290 million at US$75 WTI per barrel1.
The dividend is an eligible dividend for the purposes of the
Income Tax Act (Canada).
Surge is an intermediate, publicly traded oil company focused on
enhancing shareholder returns through free cash flow generation.
The Company's defined operating strategy is based on acquiring and
developing high-quality, conventional oil reservoirs using proven
technology to enhance ultimate oil recoveries.
Neither the TSX nor its Regulation
Services Provider (as that term is defined in the
policies of the TSX) accepts responsibility for the adequacy
or accuracy of this release.
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1
Pricing assumptions: US$75 WTI, US$16 WCS differential, US$3.50 EDM
differential, $0.725 CAD/USD FX and $2.95 AECO
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SOURCE Surge Energy Inc.