CALGARY, AB, Dec. 21, 2021 /CNW/ - Surge Energy Inc. ("Surge"
or the "Company") (TSX: SGY) is pleased to announce that it has
published its inaugural Sustainability Report.
INAUGURAL SUSTAINABILITY REPORT
Surge is pleased to present its inaugural Sustainability Report,
outlining the Company's progress on environmental, social and
governance ("ESG") practices and their impact on Surge's business
and operating strategy. This Sustainability Report reaffirms the
Company's commitment to be a leader in reducing the impact of oil
and gas operations on the environment.
SUSTAINABILITY REPORT HIGHLIGHTS
- Surge abandoned nearly 550 inactive wells from 2018 through
2020; more than 4 times the number of wells the Company drilled
during that period;
- Abandoned over 21 percent of the Company's inactive wells in
2020 alone;
- Surge's 2019 and 2020 Vapor Recovery Unit installation program
has reduced CO2 equivalent emissions by 25,000 tonnes;
- Surge's focus on conventional reservoirs allows the Company to
use significantly less fresh water than its peers. Surge estimates
that it uses less than five percent of the water used by its peers
to develop unconventional reservoirs; and
- Surge's commitment to safety is highlighted by a zero lost time
incident frequency from 2016 through 2020.
Surge's Sustainability Report covers performance metrics for the
2019 and 2020 calendar years and aligns with guidance set forth by
the Task Force on Climate-related Financial Disclosure (TCFD).
The Sustainability Report was approved by Surge's Management
Team, as well as the Company's Board of Directors. The report
is intended to allow all Surge stakeholders to better understand
our commitment to being a leader in sustainable, responsible oil
and gas operations.
The inaugural Sustainability Report can be accessed through the
Company's website.
FORWARD LOOKING STATEMENTS:
This press release contains forward-looking statements. The use
of any of the words "anticipate", "continue", "estimate", "expect",
"may", "will", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. More particularly, this press release contains
statements with respect to Surge's declared focus and primary
goals, including its commitment to being a leader in sustainable,
responsible oil and gas operations.
The forward-looking statements are based on certain key
expectations and assumptions made by Surge. Although Surge believes
that the expectations and assumptions on which the forward-looking
statements are based are reasonable, undue reliance should not be
placed on the forward-looking statements because Surge can give no
assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the condition of the global
economy, including trade, public health (including the impact of
COVID-19) and other geopolitical risks; risks associated with the
oil and gas industry in general (e.g. operational risks in
development, exploration and production; delays or changes in plans
with respect to exploration or development projects or capital
expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and
expenses, and health, safety and environmental risks); commodity
price and exchange rate fluctuations and constraint in the
availability of services, adverse weather or break-up conditions;
uncertainties resulting from potential delays or changes in plans
with respect to exploration or development projects or capital
expenditures; and failure to obtain the continued support of the
lenders under Surge's bank line. Certain of these risks are set out
in more detail in Surge's AIF dated March 9,
2021 and in Surge's MD&A for the period ended
December 31, 2020, both of which have
been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this press release
are made as of the date hereof and Surge undertakes no obligation
to update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
SOURCE Surge Energy Inc.