BRIEF-Surge Energy Q4 FFO per share $0.07

Wed Mar 16, 2016 5:50pm EDT
 
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March 16 (Reuters) - Surge Energy Inc :

* Announces fourth quarter and year-end 2015 results

* Qtrly earnings per share $0.07

* Qtrly FFO per share diluted $0.07

* Q4 average production rate of 14,187 boe per day, a 5 percent increase from previous quarter

* Qtrly total oil, natural gas, and NGL revenue $40.9 million versus $45.8 million in q3

* In January, company elected to monetize a 1,000 bbl/d WTI collar for 2016

* Subsequent to Q4, surge signed a definitive agreement divesting company's non-core sunset property in Northern Alberta

* Second transaction involves sale of certain Valhalla area production facilities to a third party

* Says "currently conducting an internal resource update of upper Shaunavon field"

* $43 million in gross proceeds from transactions will be used to pay down company's existing debt facility Source text for Eikon: Further company coverage: