Surge Energy Inc. Announces Record First Quarter 2014 Results
EXCITING FIRST QUARTER 2014 DRILLING RESULTS; LARGE NEW OIL POOL DISCOVERY
As discussed above, in the first quarter of 2014 the Company experienced better than anticipated development drilling results across the Company’s entire asset base. During the quarter Surge drilled a total of 20 wells (13.96 net), with a success rate of 100 percent.
At Shaunavon in Southwest Saskatchewan, the Company previously announced an exciting new pool discovery in the Upper Shaunavon horizon (100% WI) at 16-36-5-20-W3. The horizontal, multi frac discovery well continues to produce at very attractive rates. Two offsetting Upper Shaunavon development wells will be spud on this discovery immediately after break-up.
Surge also completed a tie-in to the main battery at Shaunavon of the final two, multi well satellites with emulsion and water injection lines to accommodate future waterflood. The production (including water) was previously trucked from these locations. Twenty six wells (of the field total of 147) produced to these two satellites. This project will significantly reduce the field operating, transportation and water disposal costs. It will also increase production reliability during break up and wet periods as a result of eliminating the infield trucking.