Surge Energy America Announces Moody's Credit Rating Upgrades

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Apr 21, 2022, 17:50 ET

HOUSTON, April 21, 2022 /PRNewswire/ -- Surge Energy US Holdings Company ("Surge Energy" or the "Company") announces upgraded credit ratings from Moody's Investors Service ("Moody's") to Moss Creek Resources Holdings, Inc. ("Moss Creek"), a subsidiary of Surge Energy and issuer of the Company's Senior Unsecured Notes ("Senior Notes").

As announced by Moody's, the Corporate Family Rating was upgraded to B2 from B3 and the Senior Notes rating to B3 from Caa1.

"We believe this ratings action by Moody's demonstrates the quality of our assets and our commitment to a disciplined financial strategy," stated Chief Executive Officer Linhua Guan.

About Surge Energy
Surge Energy US Holdings Company is an independent oil and natural gas company focused on the development, exploitation, production and acquisition of oil and natural gas reserves in the Midland Basin of West Texas, one of three primary sub-basins of the Permian Basin. The Company is headquartered in Houston, Texas, and currently holds approximately 114,000 net acres in the Permian Basin. Based on a December 2020 Railroad Commission of Texas report, Surge was one of only two internationally sponsored companies in the top 20 oil producers in the state of Texas. Surge was the only oil and gas production company recognized by the Houston Business Journal's Best Places to Work Lists in both 2020 and 2021. For more information, visit our website at www.SurgeEnergyA.com.

SOURCE Surge Energy