Source: Surge Energy America
HOUSTON, Oct. 3, 2022 /PRNewswire/ — Surge Energy US Holdings Company (“Surge Energy” or the “Company”) announces an increased borrowing base from $1.5 billion to $1.75 billion on the Company’s revolving credit facility (“Credit Facility”).
The increase is in connection with the Credit Facility’s regularly scheduled semi-annual redetermination that recently closed. Elected commitments remained unchanged at $935 million.
“Surge appreciates the continued support from our bank group,” stated Chief Financial Officer James Welch. “We believe the results of this redetermination are another example of the quality of our people and the continued development and growth of our asset base.”
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 114,000 net acres in the Permian Basin. Surge was the only oil and gas production company recognized by the Houston Business Journal’s Best Places to Work Lists in both 2020 and 2021. For more information, visit our website at www.SurgeEnergyA.com.