Surge Energy America Announces Reaffirmation of Borrowing Base

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Oct 26, 2020, 08:45 ET

HOUSTON, Oct. 26, 2020 /PRNewswire/ -- Surge Energy US Holdings Company ("Surge Energy" or the "Company") announces that its bank group, led by administrative agent Citibank N.A., has reaffirmed the Company's $850 million borrowing base.

The reaffirmation of the Company's borrowing base, and during the third quarter repaying all borrowings drawn, results in strong liquidity of approximately $940 million with cash on hand as of September 30, 2020.

"The reaffirmation of the borrowing base demonstrates the quality and resiliency of our assets and the results of ongoing efforts to improve costs and efficiencies," stated Chief Executive Officer Linhua Guan. "This solidified liquidity position gives us confidence as we continue to pursue opportunities to add to our portfolio both via acquisitions and within our acreage position."

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 93,000 net acres in the Permian Basin. For more information, visit our website at www.surgeenergya.com.

SOURCE Surge Energy