Surge Energy Inc.

Surge Energy Inc.

12.68
CAD
-0.28
(-2.16%)
0.44EPS
20.46P/E
916.50MMarket Cap
Nov 04Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
22.75
20.61
9.16
6.33
9.07
10.61
10.7
5.46
7.55
8.68
6.86
6.6
5.83
6.5
Basic EPS, GAAP
-0.83
-1.41
-8.24
-1.16
-0.25
-2.47
-4.26
-18.9
7.42
2.74
0.16
-0.53
0.41
0.45
Free Cash Flow per Basic Share
-1.05
2.46
1.18
-0.71
-0.18
0.05
0.8
0.49
-0.06
3.26
2.69
2.76
2.68
2.84
Dividend per Share
1.62
4.75
2.65
0.85
0.76
0.83
0.85
0.22
- -
0.21
0.47
0.5
0.52
0.52
Book Value per Share
43.6
41.56
31.23
29.34
28.32
22.93
17.49
-1.66
6.16
8.69
8.41
7.36
7.33
7.44
Tangible Book Value per Share
43.6
41.56
31.23
29.34
28.32
22.93
17.49
-1.66
6.16
8.69
8.41
7.36
7.33
7.44
Basic Weighted Avg Shares
12
24
26
26
27
29
37
40
55
85
99
101
99
99
Sales/Revenue/Turnover
272
486
238
166
243
307
399
216
415
734
678
665
579
644
Operating Margin (%)
21.18
20.8
-17.77
-13.03
8.92
5.06
7.43
-19.81
25.14
36.5
16.92
18.26
14.3
22.23
Depreciation Expense
82
162
123
84
89
114
163
105
112
142
197
188
186
178
Net Income, GAAP
-10
-33
-214
-30
-7
-72
-159
-747
408
232
16
-54
40
45
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
23.62
- -
25.47
24.13
Profit Margin (%)
-3.64
-6.83
-89.91
-18.37
-2.74
-23.27
-39.8
-346.26
98.3
31.55
2.32
-8.07
6.95
6.95
Working Capital
-40
14
-17
-15
9
-14
-13
-309
-121
-76
-59
-43
-21
5
LT Debt
280
564
149
161
246
452
424
136
283
317
262
227
227
224
Total Equity
854
1,076
812
779
776
834
671
-66
513
838
844
739
725
738
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
3.91
- -
4.98
9.85
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
3.87
- -
6.18
6.3
Return on Common Equity (%)
-1.64
-3.44
-22.66
-3.82
-0.86
-8.88
-21.07
- -
- -
34.29
1.87
-6.79
5.5
6.04

Capital Structure

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
17
18
6
LT Borrowings
217
214
214
LT Finance Leases
10
10
9
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
99
99
99
Market Capitalization
691
930
917

Working Capital

CAD

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
75
101
120
Cash, Cash Equivalents & STI
19
22
46
Accounts Receivable, Net
46
76
64
Inventories
- -
- -
- -
Total Current Liabilities
97
173
115
Payables & Accruals
69
96
94
ST Debt
17
18
6
Deferred Revenue
- -
- -
- -

Growth Rates

CAD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-95.2%
-165.14%
-1.83%
Free Cash Flow
-687.09%
-1,716.57%
-4.57%
Net Income, GAAP
39.41%
-181.37%
-174.95%
Sales/Revenue/Turnover
17.35%
29.36%
-12.9%
Total Cash Common Dividend
- -
- -
3.26%

Quarterly Revenue

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
161
175
164
165
665
2025
163
143
145
128
579
2026
160
211
- -
- -
- -

Quarterly Earnings Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.04
-0.64
0.17
-0.03
-0.53
2025
0.08
0.32
0.07
-0.07
0.41
2026
-0.25
0.69
- -
- -
- -

Quarterly Dividends Per Share

CAD

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.12
0.12
0.13
0.13
0.5
2025
0.13
0.13
0.13
0.13
0.52
2026
0.13
0.13
- -
- -
- -

Company Description

CEO
Paul Colborne
Full Time Employees
86
Sector
Energy minerals
Industry
Oil & gas production
Address
Centennial Place – East Tower Calgary AB Canada T2P 0R3
IPO Date
Sep 9, 1998
Business
Surge Energy Inc. Surge Energy Inc. (TSX: SGY) engages in the exploration, development, and production of crude oil and natural gas in Western Canada, with a primary focus on high-quality conventional light and medium oil reservoirs featuring low decline rates, high operating netbacks, and substantial undeveloped drilling inventory. The company holds dominant positions in its core Sparky formation assets located between Provost and Wainwright in Alberta and Saskatchewan, encompassing multi-lateral horizontal and multi-frac horizontal wells, waterflood programs, and the emerging Hope Valley discovery area with over 80 identified multi-lateral drilling locations; Southeast Saskatchewan properties including Frobisher, Midale, Ratcliffe, and Alida beds supported by low-cost vertical drilling, waterfloods, and horizontal development; Greater Sawn Lake light oil assets in Northern Alberta with conventional Slave Point carbonate reefs under waterflood; and minor non-core positions in Alberta, Saskatchewan, and Manitoba previously including Valhalla gas-weighted assets now divested. Surge generates revenue predominantly from oil sales (approximately 91% liquids weighting in 2025 guidance), natural gas liquids, and natural gas, targeting intermediate producers and investors seeking free cash flow generation through disciplined capital allocation in low-risk, repeatable plays with original oil in place exceeding 2.3 billion barrels net to the company and recovery factors averaging 8.9% to date. Incorporated in 1998 and formerly known as Zapata Energy Corporation until its name change in June 2010, Surge Energy Inc. maintains headquarters at Suite 1200, 520 - 3rd Avenue SW, Calgary, Alberta, Canada, and operates exclusively within Alberta, Saskatchewan, and Manitoba. In recent strategic developments, the company completes the sale of its gas-weighted non-core Valhalla assets in Alberta for $9.5 million cash proceeds plus abandonment and reclamation obligation transfers on December 19, 2024, accelerating approximately 10 years of future free cash flow while enhancing corporate liquids weighting to 91% and reducing net operating expenses to $19.05-$19.55 per boe in 2025 guidance; executes a comprehensive debt restructuring in Q3 2024 by issuing $175 million in 5-year senior unsecured notes at 8.5%, repaying its $126 million second-lien term facility, and expanding its first-lien revolving credit facility to $250 million undrawn, terming out substantially all net debt to late 2028 and 2029 maturities with net debt at $217.4 million as of September 30, 2025; advances its Sparky waterflood program with 19 injector conversions planned for 2025 following successful pilots, including the first injector at Hope Valley, and releases a revised 2025 capital budget of $170 million focused 95% on Sparky and Southeast Saskatchewan for 22,500 boepd average production (91% liquids), $275 million adjusted funds flow, and $85 million free cash flow at US$70 WTI assumptions; and sustains shareholder returns through a $0.52 annual base dividend (approximately 8% yield), normal course issuer bid share repurchases totaling millions quarterly, and allocation of excess free cash flow prioritizing buybacks up to 75% post-dividend alongside debt reduction.

Company News

  • Surge Energy: Still Attractive In The Current Oil Price Environment

  • Surge Energy: Should Surge More In High Oil Price Environment

  • Surge Energy Inc. (SGY:CA) Shareholder/Analyst Call Transcript

  • Surge Energy: Benefiting From Higher Oil Prices

  • Analyzing NVDA "Odd" Trading Action Amid AI CapEx Surge, Energy Headwinds

  • Surge Energy (OTCMKTS:ZPTAF) Trading 1.4% Higher – Here’s Why

  • Surge Energy (OTCMKTS:ZPTAF) Shares Up 1.6% – Should You Buy?

  • Surge Energy: Works Magic With $70 Oil, Q2 Beat & 2030 Scenario Projections

  • Surge Energy: High FCF Yield Makes The Stock Finally Cheap Enough

  • Surge Energy: A Profitable Canadian Conventional Opportunity

  • Surge Energy Is Getting There, But It Needs Higher Oil Prices (Valuation Downgrade)

  • Surge Energy: Trading At Just 6 Times Free Cash Flow At US$75 WTI

  • Surge Energy: 2024 May Be The Year Of The Shareholder (Technical Analysis)

  • Surge Energy Inc. Announces $42 Million Convertible Debenture Bought Deal Financing and Intention to Redeem Existing Convertible Debentures Due June 30, 2024

  • Surge Energy Offers A 6.75% YTM On A 10 Month Debenture

  • Surge Energy Offers A Generous 6% Dividend Yield, But I Prefer The Debentures

  • Surge Energy: Shareholder Payday Possibly Postponed (Technical Analysis)

  • Surge Energy Implies Doubling The Shareholder Rewards By Next Summer

  • Surge Energy: Rapidly Reducing The Net Debt Will Boost Shareholder Rewards

  • Surge Energy: Climbing Out Of The Debt Hole