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Surge Energy Inc. Announces 1,200 bbl/d Private Company Acquisition and 2012 Guidance

Surge Energy Inc. (SGY.TO) announced that it has entered into an agreement to acquire a 1,200 bbl/d (100% light oil) private oil and gas company with high quality, high netback, focused Slave Point/Gilwood light oil assets in the Gift/Nipisi area of Western Alberta. Total consideration is approximately $106 million, consisting of $18.5 million in cash, 7.9 million Surge common shares and assumed net debt at closing of approximately $14.5 million.

Surge also said it is on track to meet or exceed 2011 exit guidance of 7,800 boe/d. Exit Production forecast for 2012 is 11,000 boe/d (~77% oil & NGLs).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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