Surge Energy (TSE:SGY) has released an update.
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Surge Energy Inc. has sold its non-core gas-weighted assets in Alberta for $9.5 million, significantly streamlining its focus on its high-performing core oil regions in Sparky and SE Saskatchewan. This strategic move is expected to enhance operating efficiencies and increase the company’s liquids weighting, while maintaining its free cash flow projections for 2025. The sale proceeds will be used for share buybacks and debt reduction, further strengthening the company’s financial position.
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