Surge Energy Revenue Drops, Production Increases
Surge Energy revealed that its revenue dropped 37 percent in the second quarter of 2015, compared to the same period last year, despite a production increase of eight percent compared to 2Q 2014.
The company’s total oil, natural gas and NGL revenue for the quarter was $80.8 million, compared to $128.1 million posted during the second quarter of 2014. Surge produced 17,652 barrels of oil equivalent per day during 2Q 2015, which marked an increase on the company’s figure of 16,395 boepd recorded during 2Q 2014.
In its 2Q 2015 results statement, Surge also announced that it reduced operating expenses per boe by 15 percent in 2Q 2015, compared to the first quarter of 2015, to $15.13. The company drilled one well in 2Q 2015 and spud two wells in Canada, one at Valhalla and one at Shaunavon.
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