February 14, 2011 / 12:44 PM / in 7 years

UPDATE 1-Surge says 2010 exit output above forecast

* Says 2010 exit rate ahead of its 4,500 boe/d view

* Says raises its stake in Valhalla project

Feb 14 (Reuters) - Surge Energy Inc said its 2010 exit production rate was ahead of its raised forecast and backed its 2011 output view.

The light oil-focussed company added 640 net acres to its Valhalla light oil asset in western Alberta, which it acquired last year, and agreed to buy a 50 percent working interest in the Doig pool.

Following the acquisition of Valhalla, the Alberta-based company had raised its 2010 exit rate to 4,500 barrels of oil equivalent per day (boe/d) from 3,800 boe/d.

The company has 2011 production target of 5,500 boe/d and exit target of 6,500 boe/d.

Shares of the company closed at C$9.05 on Friday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed in Bangalore; Editing by Joyjeet Das) (aftab.ahmed@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: aftab.ahmed.reuters.com@reuters.net))

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