Join Adelaide Capital for a webinar featuring Surge Energy!

▫️Shares O/S 99.0MM

▫️Market Cap ~$996M

▫️.79X debt to cashflow

▫️Average daily trading volume ~1.1M shares/day

▫️$1.2B in tax pools

Surge Energy is a medium and light oil producer in two of the most economic plays in North America; their traditional Sparky play, new Hope Valley multi leg Sparky discovery and the Frobisher in southeast Saskatchewan, where they are continually drilling the best wells in those areas.

▫️Not only does Surge have an enviable asset base but they have one of the top management teams which are extremely adept at M&A, building four of the most successful companies in Canada; a result of a combination of building great asset packages, top technical teams and capital markets prowess.

▫️Surge’s 2025 record breaking corporate performance, resulted in its increased production for 2026 to 23000 boepd, while only spending $150MM for maintenance CAPEX on cashflow of $265MM and FCF of $95MM (based on $65 WTI). The company currently pays a dividend of $0.52/share or $0.0433/month offering a ~ 6% yield (18% payout ratio) in addition to an aggressive buyback, as they are trading well below their 1P NAV of $11.06. Surge offers some of the best leverage to oil prices; for every $1.00 change in WTI adds $8M in cashflow.