Company News

BRIEF-Surge energy announces $37.2 million Sparky Core Area acquisition

Oct 26 (Reuters) - Surge Energy Inc

* Surge Energy Inc. announces $37.2 million sparky core area acquisition; $40 million convertible debenture financing; upward revision to 2017 exit guidance; 2018 preliminary guidance

* Surge Energy Inc - acquisition is accretive to surge on all key per share metrics

* Surge Energy Inc - revising upward company’s 2017 exit production guidance from 15,150 boepd to 15,850 boepd

* Surge Energy Inc - now projecting that production in 2018 will average more than 16,150 boepd, with a 2018 production exit rate of 16,650 boepd

* Surge Energy Inc - budgeted capital expenditures for 2017 have now been increased from $89 million to $95 million Source text for Eikon: Further company coverage: