Surge Energy America Announces Increase in Revolving Credit Facility Borrowing Base and Select Commitments

HOUSTON, April 20, 2022 /PRNewswire/ — Surge Energy U.S. Holdings Company (“Surge Energy” or the “Company”) Announces Increased Lending Base with $1.2 billion for $1.5 billion and the elected commitments of $860 million for $935 million on the Company’s revolving credit facility (“Credit Facility”). The increases are related to the regular semi-annual review of the credit facility which recently ended.

From March 31, 2022the company had about $88 million in cash and $255 million drawn on the credit facility. Pro forma liquidity is approximately $768 million based on March 31, 2022 cash and selected undrawn commitments at the close of the review.

As part of the re-determination, the credit facility also replaced the benchmarks with the guaranteed overnight funding rate (“SOFR”) against expiring LIBOR.

“Surge greatly appreciates the relationship and continued support of our banking group,” the CFO said. James Welch. “We believe the results of this new determination demonstrate the quality of our assets and the strength of our people.”

About surge energy
Surge Energy U.S. Holdings Company is an independent oil and 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 the three major sub-basins of the Permian Basin. The Company has its registered office at Houston, TX, and currently holds approximately 114,000 net acres in the Permian Basin. Based on a December 2020 Railway Commission of Texas report, Surge was one of only two internationally sponsored companies among 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 Workplaces lists in 2020 and 2021. For more information, visit our website at www.SurgeEnergyA.com.

SOURCE Surge Energy

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