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2020 FINANCIAL, OPERATIONAL, AND RESERVES HIGHLIGHTS Achieved an all-in payout ratio 1 of less than 100 percent for 2020 while oil averaged less than US$40 WTI per barrel, generating cash flow from operating activities less payments on lease obligations of $64.1 million and employing a disciplined exploration and development program of $52.8 million; Generated realized hedging gains on financial contracts of over $20 million in 2020 pursuant to the Company’s ongoing strategic risk management program; Added over $90 million of new credit facility commitments, including a previously announced BDC financing ($40 million second lien) and a $51 million commitment by EDC into Surge’s existing first lien credit facility; Reduced net bank debt 1 by $36.5 million in 2020 from $313.6 million at December 31, 2019 to $277.1 million at December 31, 2020; Continued Surge’s focus on ESG, completing a total of $9.3 million on abandonment activities. This was funded using a combination of cash flow from operating activities, as well as grants received through the Alberta Site Rehabilitation Program; Achieved average daily production of 17,356 boepd (84% liquids) during the fourth quarter of 2020; consistent with the second and third quarters of 2020 despite no production additions from drilling […]
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