Surge is a high-quality Canadian oil producer with core positions in Sparky and Frobisher. It’s top-tier management has delivered record production, strong cash flow, and a 6.5% dividend plus buybacks. With 900 drilling locations, low decline (24%), and multiple catalysts, growth is visible and capital-efficient. With the stock is trading at ~3.5x EV/EBITDA and below NAV, Surge offers strong free cash flow and a clear rerate opportunity.