Surge Energy Inc. has closed the previously announced acquisition (the "Acquisition") of a high quality, low decline, operated, light oil producing asset strategically located in the Company's core area of Southeast Saskatchewan (the "Assets").
The Assets include an estimated annualized 1,250 boepd (97 percent oil) of high netback light crude oil production. The purchase price for the Assets was $109 million.
As a result of the accretive Acquisition, Surge's Board of Directors has now approved an increase in the Company's annual dividend of four percent from $0.52 per share per year ($0.04333 per share per month), to $0.54 per share per year ($0.045 per share per month). It is expected that this increased dividend will be paid on April 15, 2014 in respect of March, 2014 production, for the shareholders of record on March 31, 2014.