Latest news with #Sparky
The Courier
4 days ago
- General
- The Courier
Hunt for 'swearing parrot' Sparky who is missing from his Angus home
The hunt is on for an African grey parrot who has gone missing from his home in Angus. Sparky, known as the 'swearing parrot' for his liking of foul language, escaped from his home in Kellas last week. His frantic owner Wendy Lyon is desperate to get him home safely to be reunited with his partner Coco, who is missing him. Wendy said: 'Sparky managed to get out the window last Thursday when I was giving them breakfast. 'He landed on the decking outside and then took off in some very tall neighbouring trees. 'He was heard calling out that afternoon but there has been no sign or sighting of him since.' Wendy says Sparky and Coco came to her as a pair three years ago. Coco is 11 but she doesn't know how old Sparky is. However, Wendy says the parrots have been together all Coco's life. She said: 'They were both very badly treated and abused before they came to us as rescue parrots. 'They were regularly hit and burned with cigarette stubs. 'They were fed on KFC food and McDonald's and were in a really poor way. 'They both now look fantastic but Sparky remains very vocal and his language is vile. 'He regularly repeats language from the people who had him when he was abused and it is really bad. 'He constantly swears, using really bad language, and one of his phrases is 'Sparky is a p****.' Wendy says he also imitates other birds, cats and engine noises. He also regularly calls out for Coco. She said: 'There isn't a day goes by when he doesn't use vile language, so if anyone hears him it's pretty distinctive and easily recognised.' Sparky can also be quite aggressive and Wendy was unable to handle him when he first arrived. She said: 'We were initially hopeful he was okay but now we are beginning to lose hope a little bit. 'We were told by the Parrot Trust Scotland, who re-homed them with us, that if parrots survive in the wild they can travel up to a mile a day. 'However, the day he went missing it was very windy so he could have been blown further afield.' Sparky isn't ringed but he is micro-chipped. Wendy says that if anyone finds him and he is injured on the ground they should cover him with a blanket and get help. Otherwise, if he is spotted, the local vets can be contacted as they all know he is missing, or get in touch with Missing Pets, Dundee and Angus who have also been notified. 'We really hope we find him and he comes back home to us and Coco,' said Wendy.
Associated Press
27-05-2025
- Business
- Associated Press
Trans Canada Gold Corp. Receives Well License-Drill Permit for Its New Lloyd 5-23-29-1W4 Multilateral Well From Alberta Energy and Prepares for Summer Drilling
VANCOUVER, BC / ACCESS Newswire / May 27, 2025 / Trans Canada Gold Corp. (TSXV:TTG)(OTCQB:TTGXF) ('Trans Canada' or the 'Company'), is pleased to announce that the Company has now received formal approval for its new Lloyd 5-23-29-1W4 Well with the issuance of its well license and drill permit for the new 7 leg-multilateral well and drill program situated near Lloydminster, Alberta. The Company has agreed to participate to drill a 7 leg Sparky multi-lateral well with Croverro as operator for the Joint Venture. The newly proposed 5-23 multilateral well will be situated adjacent to the Company's successful 12-14 Multilateral Well, near Lloydminster, Alberta. Trans Canada has a 18.75% interest in the new well. This third multi-lateral horizontal well is expected to be similar to the company's successful 7HZ LLOYD 12-14-49-01W4 well, that was drilled in 2023 and encountered 2486 metres of oil pay in the Sparky Oil Formation. The 12-14 Sparky well has now produced over 100,000 barrels of oil and continues to produce consistently month over month. The new 5-23 well is planned to open an estimated 3000 m of Sparky formation. The well is scheduled to be drilled this summer. Drilling, completion and equipping costs are expected to be $1.9 million ($350,000 net to Trans Canada). The well costs are fully funded out of production cash flow thereby preventing any share dilution. MULTILATERAL DRILLING IN 2025 The Company now has an interest in 1040 acres in the AMI, led by the Croverro Partnership Group, which will allow the drilling of up to two (2) additional multilateral wells targeting the Sparky Zone for 2025-2026. The 320-acre parcel offset our existing lands to the south were acquired by the Croverro Energy Group. The company interest in the lands is 18.75% with all wells to be drilled on a non-promoted basis (pay 18.75% to earn 18.75%). Our operator, Croverro Energy, has acquired and processed 2 additional seismic lines, which combined together with existing well control will allow the more precise targeting in the Sparky Zone when drilling the horizontal wells in the oil resource reservoirs. Commented Tim Coupland, 'We are expecting increased additional oil production for 2025, as we prepare to drill another large Multilateral well. We are always exploring additional exploration drilling opportunities in both central Canada and the United States. The Company will continue with its adopted multilateral well drilling strategy for 2025-2026", using new state of the art multilateral well drilling techniques in Alberta and Saskatchewan, to create growth.' DRILLING TO COMMENCE SUMMER 2025 MULTILATERAL WELL-TARGETING SPARKY FORMATION The Company has agreed to participate to drill a 7 leg Sparky multi-lateral well with Croverro as operator for the Joint Venture. The newly proposed 5-23 well will be situated adjacent to the Company's 12-14 Multilateral Well, near Lloydminster, Alberta. Trans Canada has a 18.75% interest in the new well. This third multi-lateral horizontal well is expected to be similar to the company's successful 7HZ LLOYD 12-14-49-01W4 well, that was drilled in 2023 and encountered 2486 metres of oil pay in the Sparky Oil Formation. The 12-14 Sparky well has now produced over 85,000 barrels of oil and continues to produce consistently month over month. The new 5-23 well is planned to open an estimated 3000 m of Sparky formation. The well is scheduled to be drilled this summer/ third quarter of 2025, subject to final permitting by the Alberta Energy Regulator. The company now has an 18.75% working interest in the Joint Venture with Croverro. The Area of Mutual Interest now contains 1040 acres with potential in the Sparky Zone only. This third multi-lateral horizontal well is based on similar wells drilled in the Sparky Oil Formation using surrounding well control and recently processed seismic lines. Croverro Energy Ltd., under the terms of the agreement, is the Operator. ABOUT TRANS CANADA GOLD CORP. - OIL AND GAS PRODUCTION/REVENUE PRODUCING WELLS The Company is a discovery focused Oil & Gas Resource Development and Mineral Exploration Company that is currently focused on developing and drilling its' production of conventional heavy oil exploration properties, increasing production capabilities, and increasing future oil production revenues through responsible exploration. The Company identifies, acquires and finances with its working interest partners, the ongoing development of oil and gas assets primarily situated in Alberta Canada. The Company has qualified Senior exploration management and Geological teams of professionals, seasoned in exploration production, field exploration and drilling. The Company currently works with Croverro Energy Ltd., who has demonstrated proficiency, expected of an experienced oil and gas technical team that has proven oil production, and revenue success with large multi-lateral wells currently under their supervision. The Company has the necessary manpower in place to develop its natural resource properties and manage its production properties. The Company is committed to minimizing risk through selective property acquisitions, and responsible exploration drilling, and maximizing long term petroleum and natural gas resource assets. FOR FURTHER INFORMATION, PLEASE CONTACT: Tim Coupland, President and CEO Trans Canada Gold Corp. Tel: (604) 681-3131 [email protected] or Christian Timmins, Director Trans Canada Gold Corp. Tel: (403) 597-3410 Neither the TSX Venture Exchange nor its Regulation Services Provider, (as the term is defined in the Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE: Trans Canada Gold Corp. press release
Hindustan Times
16-05-2025
- Sport
- Hindustan Times
Bruce Bochy passes Sparky Anderson with 2,195th career win for 6th among all-time MLB managers
ARLINGTON, Texas — Bruce Bochy got his 2,195th career win to break a tie with Sparky Anderson for the sixth-most by an MLB manager when the Texas Rangers beat the Houston Astros 1-0 on Thursday night. Bochy, who turned 70 last month and is in his 28th season as a manager, has a record of 2,195-2,206 in regular-season games with Texas, San Diego and San Francisco. He has won four World Series titles, three with the Giants and the only one ever for the Rangers in 2023 in his return to the dugout after a three-season retirement from managing. 'I told the players I'd like to honor Sparky. I grew up a Reds fan. My dad was, he got me on the Reds,' said Bochy, also a former big league catcher. 'A Big Red Machine fan, Johnny Bench was my guy. He probably inspired me to play this game as much as anybody.' There was a Champagne toast in the Texas clubhouse after the game, and included what Bochy said were 'some beautiful words' from Chris Young, the team's president of baseball operations. Young pitched for him in San Diego, and was the general manager when the Rangers hired Bochy in October 2022. The five managers ahead of Bochy on the career wins list, and Anderson, are all in the baseball Hall of Fame. Next ahead of Bochy in fifth place is Joe Torre's 2,326. Connie Mack is the career leader with 3,731 wins, followed by Tony La Russa, John McGraw and Bobby Cox. Anderson had a 2,194-1,834 record and three World Series titles, two with Cincinnati from 1970-78 and another with Detroit from 1979-95. 'I was lucky enough to get to know Sparky. He retired a year before I started managing, but we became friends and I get to spend some time with him. Played in his golf tournament a couple times,' Bochy said. 'He'd always come by and we'd talk. Such a wonderful man, so this is a special moment for me.' Bochy, now in third season in Texas, is 192-177 with the Rangers. He was 951-975 with the Padres from 1995-2006, and had a 1,052-1,054 record from 2007-2019 with the Giants when his three World Series titles there came in a span of five seasons from 2010-14.
Cision Canada
07-05-2025
- Business
- Cision Canada
SURGE ENERGY INC. ANNOUNCES FIRST QUARTER FINANCIAL AND OPERATING RESULTS
CALGARY, AB, May 7, 2025 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") (TSX: SGY) is pleased to announce financial and operating results for the quarter ended March 31, 2025, as well as an update on Surge's latest operational achievements. Select financial and operating information is outlined below and should be read in conjunction with the Company's unaudited condensed interim financial statements and management's discussion and analysis for the three months ended March 31, 2025, available at and on Surge's website at MESSAGE TO SHAREHOLDERS Based on continued strong drilling results in the Company's two core areas, in Q1/25 Surge delivered one of the largest quarterly outperformances in the Company's corporate history, as compared to Analyst consensus estimates, for both production and adjusted funds flow ("AFF") 1 for the quarter. Surge is a publicly traded intermediate oil company with a highly focused, conventional, light and medium gravity crude oil asset and opportunity base, with an internally estimated drilling inventory that supports more than 12 years of development drilling 2. The focus of Surge's Board of Directors and Management is to maximize free cash flow available for shareholder returns, through a combination of: A sustainable base dividend; Strategic share buybacks; Debt reduction; Organic production per share growth; and Accretive acquisitions. In Q1/25 Surge's production averaged 23,567 boepd (89 percent liquids), well above the Company's budgeted average 2025 production level estimate of 22,500 boepd. This consistent quarterly production outperformance is primarily due to better than anticipated drilling results in Surge's two core areas. Notably, Surge continues to achieve excellent drilling results 2 at the Company's recent Sparky crude oil discovery at Hope Valley. Surge's continued operational focus on its conventional, low cost Sparky and SE Saskatchewan core areas, in conjunction with the strategic dispositions of non-core assets in 2024, has resulted in a significant increase to the Company's AFF per boe over the past year. On this basis, while received oil prices increased by only 5 percent between Q1/24 and Q1/25, Surge's AFF per boe 1 increased by 37 percent to $37.76 per boe in Q1/25, from $27.57 per boe in Q1/24. The recent volatility in global markets has had a meaningful impact on current crude oil prices as WTI prices have decreased from approximately US$71.50/bbl on March 31, 2025 to a current spot price of approximately US$59/bbl. In light of this instability, Surge's proactive hedging program is working as designed, to reduce the impact of crude oil pricing volatility on the Company's cash flow and free cash flow. In this regard, Surge has hedged 9,500 bbl/d of its forecasted Q2/25 and Q3/25 oil production with an average floor price of approximately US$71 WTI per barrel, representing approximately 55 percent of the Company's forecasted net after royalty oil production over this period. Surge's strategic 2025 and 2026 WTI crude oil hedges have a current value of approximately $30 million 3, based on current forward strip WTI pricing. Q1 2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS In Q1/25 Surge's production averaged 23,567 boepd (89 percent liquids), well above the Company's budgeted average 2025 production estimate of 22,500 boepd. During Q1/25 WTI crude oil prices averaged US$71.72 per barrel, as compared to US$70.27 per barrel in Q4/24. While Q1/25 WTI pricing was similar to the prior quarter, Surge's AFF increased by 5 percent to $80.1 million, as compared to $76.1 million in Q4/24. Cash flow from operating activities generated in Q1/25, inclusive of changes in non-cash working capital, increased by 29 percent to $83.5 million, as compared to $64.8 million in Q4/24. The increase in AFF in Q1/25 as compared to Q4/24 is due in large part to Surge's continued operational focus and drilling success in its two core areas. This has resulted in a 10 percent improvement to the Company's operating netback per boe 1, which increased from $39.03 per boe in Q4/24 to $43.08 per boe in Q1/25. During Q1/25 Surge distributed $13.0 million in dividends to shareholders, representing only 16 percent of AFF generated during the period. Surge returned an additional $5.0 million to shareholders in Q1/25 through its ongoing share buyback program, repurchasing 858,800 shares under the Company's normal course issuer bid ("NCIB"). In total, Surge returned $18.0 million directly to shareholders during the first quarter of 2025, which represents approximately 23 percent of Q1/25 AFF. Highlights from the Company's Q1 2025 financial and operating results include: Higher than budgeted average daily production of 23,567 boepd (89 percent liquids); Generating $80.1 million of AFF in Q1/25, as compared to $76.1 million in Q4/24; Delivering $83.5 million of cash flow from operating activities in Q1/25, as compared to $64.8 million in Q4/24; Increasing operating netbacks by 10 percent to $43.08 per boe in Q1/25, from $39.03 per boe in Q4/24; Drilling 24 gross (21.0 net) wells, with activity entirely focused in the Company's Sparky and SE Saskatchewan conventional core areas; Distributing $13.0 million to Surge's shareholders by way of the Company's $0.52 per share per annum base dividend (paid monthly); Returning an additional $5.0 million to shareholders by way of the Company's NCIB share repurchase program; Decreasing net debt 1 by $49.9 million (17 percent), from $295.9 million in Q1/24, to $246.0 million in Q1/25; and On an annualized basis, Q1/25 AFF represented 0.77 times Q1/25 net debt of $246.0 million. FINANCIAL AND OPERATING HIGHLIGHTS FINANCIAL AND OPERATING HIGHLIGHTS Three Months Ended March 31, ($000s except per share and per boe) 2025 2024 % Change Financial highlights Oil sales 157,206 150,716 4 % NGL sales 1,129 3,935 (71) % Natural gas sales 2,387 3,516 (32) % Total oil, natural gas, and NGL revenue 160,722 158,167 2 % Cash flow from operating activities 83,470 66,785 25 % Per share - basic ($) 0.83 0.66 26 % Per share diluted ($) 0.82 0.65 26 % Adjusted funds flow a 80,107 62,487 28 % Per share - basic ($) a 0.80 0.62 29 % Per share diluted ($) 0.79 0.61 30 % Net income (loss) 8,246 (3,630) nm b Per share basic ($) 0.08 (0.04) nm Per share diluted ($) c 0.08 (0.04) nm Expenditures on property, plant and equipment 54,399 49,400 10 % Net acquisitions and dispositions 44 (8) nm Net capital expenditures 54,443 49,392 10 % Net debt a, end of period 246,003 295,924 (17) % Operating highlights Production: Oil (bbls per day) 20,673 20,620 — % NGLs (bbls per day) 248 860 (71) % Natural gas (mcf per day) 15,877 20,539 (23) % Total (boe per day) (6:1) 23,567 24,903 (5) % Average realized price (excluding hedges): Oil ($ per bbl) 84.49 80.32 5 % NGL ($ per bbl) 50.53 50.25 1 % Natural gas ($ per mcf) 1.67 1.88 (11) % Netback ($ per boe) Petroleum and natural gas revenue 75.77 69.79 9 % Realized gain on commodity and FX contracts 0.67 0.06 nm Royalties (13.42) (13.30) 1 % Net operating expenses a (18.78) (21.81) (14) % Transportation expenses (1.16) (1.18) (2) % Operating netback a 43.08 33.56 28 % G&A expense (2.64) (2.26) 17 % Interest expense (2.68) (3.73) (28) % Adjusted funds flow a 37.76 27.57 37 % Common shares outstanding, end of period 99,523 100,581 (1) % Weighted average basic shares outstanding 99,979 100,529 (1) % Stock-based compensation dilution c 1,263 1,646 (23) % Weighted average diluted shares outstanding 101,242 102,175 (1) % a This is a non-GAAP and other financial measure which is defined under Non-GAAP and Other Financial Measures. b The Company views this change calculation as not meaningful, or "nm". c Dilution is not reflected in the calculation of net loss for the three months ended March 31, 2024. OPERATIONS UPDATE: CONTINUED DRILLING SUCCESS IN SPARKY AND SE SASKATCHEWAN CORE AREAS DRIVES PRODUCTION OUTPERFORMANCE Surge's Q1/25 production averaged 23,567 boepd (89 percent liquids), more than 1,000 boepd ahead of the Company's budgeted average 2025 production estimate of 22,500 boepd. This continued quarterly production outperformance is due to better than anticipated drilling results in Surge's two core areas, highlighted by excellent ongoing drilling results 2 at the Company's recent Sparky discovery at Hope Valley. Surge's Q1/25 drilling program was initiated with two rigs drilling in the Sparky core area and one rig drilling in the SE Saskatchewan core area. The Company's Q1/25 drilling program consisted of a total of 24 gross (21.0 net) wells, with 13 gross (13.0 net) wells drilled in the Sparky core area and 11 gross (8.0 net) drilled in the SE Saskatchewan core area. The development and delineation of Surge's Hope Valley Sparky discovery continued in Q1/25 with the drilling of four additional multi-lateral horizontal wells. These wells were drilled with 12 lateral legs each, accessing an average of 14,500 meters of shallow, conventional Sparky sandstone reservoir per well, utilizing the application of modern multi-lateral open hole drilling technology. Since the beginning of 2024 Surge has drilled eight multi-lateral wells at Hope Valley that have more than three months of production data. These eight wells produced at an average IP90 of 220 bopd, which exceeded Management's IP90 type curve expectations of 168 bopd by more than 30 percent 2. Production at Surge's core Hope Valley Sparky asset has grown to over 3,500 boepd during the past 15 months. Furthermore, Surge now estimates that the Company has more than 80 net drilling locations2 remaining at Hope Valley. Surge's Sparky core area production has now grown to more than 13,000 boepd currently, as set forth below (88 percent medium gravity oil; with an average of 23°API): In addition, the Company has more than 490 net drilling locations in its Sparky core area providing an approximate 14 year inventory ie. at the current drilling pace of 34 Sparky locations per year 2. OUTLOOK: FOCUSED, PREMIUM ASSET QUALITY DRIVES SUPERIOR RETURNS Based on continued strong drilling results in the Company's two core areas, in Q1/25 Surge delivered one of the largest quarterly outperformances in the Company's corporate history, as compared to Analyst consensus estimates, for both production and AFF for the quarter. In Q1/25 production averaged 23,567 boepd (89 percent liquids), cash flow from operating activities increased by 25 percent as compared to Q1/24, and AFF per boe increased 37 percent over the same period. Additionally, the Company's net debt decreased 17 percent, from $295.9 million in Q1/24, to $246.0 million in Q1/25. Surge's premium crude oil asset base is now more than 90 percent focused in two of the top four crude oil plays in Canada[4] based on per well payout economics in its Sparky (~13,000 boepd; 88 percent medium gravity oil and liquids) and SE Saskatchewan (~8,000 boepd; 90 percent light oil and liquids) core areas. Surge is well positioned to continue delivering attractive shareholder returns in 2025 and beyond, based on the key corporate fundamentals set forth below: Average 2025 production of 22,500 boepd (89 percent liquids); Estimated 2025 AFF of $275 million 5; Estimated 2025 cash flow from operating activities of $255 million 5; A $52 million annual base cash dividend ($0.52 per share annual dividend, paid monthly), which represents 19 percent of the Company's forecasted 2025 AFF of $275 million; An estimated 25 percent annual corporate decline 6; A $250 million undrawn first lien credit facility; Approximately 900 (net) internally estimated drilling locations, providing a 12 year drilling inventory 2; and $1.3 billion in tax pools (representing an estimated 4 year tax horizon) 5. Management is closely monitoring the recent drop in world crude oil prices. Given Surge's continued quarterly production outperformance, supported by the Company's 2025 crude oil hedging program, Surge has the flexibility to decrease its 2025 capital expenditure budget and still achieve the Company's year-end production exit rate guidance of 22,500 boepd. As at March 31, 2025, Surge had no drawn balance on the Company's first $250 million lien credit facilities. Furthermore, Surge's convertible debentures do not mature until December of 2028, and the Company's senior unsecured notes mature in September of 2029. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "could", "estimate", "expect", "may", "will", "project", "should", "believe", "potential" 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 concerning: Surge's estimated drilling inventory that supports more than 12 years of development drilling; Surge's declared focus and primary goals, and the actions to achieve such goas including, but not limited through a sustainable base dividend, strategic share buybacks and debt reduction; crude oil fixed price hedges protecting the Company's 2025 free cash flow profile and expectations with respect to Surge's hedging program; Surge's estimates with respect to its drilling locations and estimates with respect to the amount of inventory; the repeatability and consistency of drilling results at Hope Valley and moving this asset the full development phase; estimated Sparky drilling locations remaining on the Company's Hope Valley land and the future development of such land; Surge's planned 2025 drilling program and focus, including expectations regarding the number of wells to be drilled and the types thereof; Surge's 2025 capital program and focus; Surge's intention to have a dedicated rig drilling multi-lateral wells in Hope Valley for the entire year; management's belief that Surge is well positioned to deliver attractive shareholder returns; share repurchases under the Company's NCIB; Surge's key corporate fundamentals; the ability of Surge to reduce its capital expenditure budget and still achieve the Company's year end production exit rate guidance; management's 2025 budgeted average production guidance; Surge's reserves, future net revenue, future development capital and reserve life index; Surge continuing to execute an active drilling program at both the Sparky and SE Saskatchewan core areas during the first half of 2025 and the number of wells to be drilled thereat; and management's expectations regarding Surge's 2025 average production, AFF, cash flow from operating activities, dividends, drilling inventory and locations, annual corporate decline rates, tax pools and tax horizon. The forward-looking statements are based on certain key expectations and assumptions made by Surge, including expectations and assumptions the performance of existing wells and success obtained in drilling new wells; anticipated expenses, cash flow and capital expenditures; the application of regulatory and royalty regimes; that Surge's strategies will maximize free cash flow available for shareholder returns; that Surge's hedging programs will reduce the impact of crude oil pricing volatility on the Company's cash flow and free cash flow; prevailing commodity prices and economic conditions; development and completion activities; the performance of new wells; the successful implementation of waterflood programs; the availability of and performance of facilities and pipelines; the geological characteristics of Surge's properties; the successful application of drilling, completion and seismic technology; the determination of decommissioning liabilities; prevailing weather conditions; exchange rates; licensing requirements; the impact of completed facilities on operating costs; the availability and costs of capital, labour and services; and the creditworthiness of industry partners. 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 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; the imposition or expansion of tariffs imposed by domestic and foreign governments or the imposition of other restrictive trade measures, retaliatory or countermeasures implemented by such governments, including the introduction of regulatory barriers to trade and the potential effect on the demand and/or market price for Surge's products and/or otherwise adversely affects Surge; 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 5, 2025 and in Surge's MD&A for the year ended December 31, 2024, both of which have been filed on SEDAR+ and can be accessed at 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. Oil and Gas Advisories Barrel of Oil Equivalency The term "boe" means barrel of oil equivalent on the basis of 1 boe to 6,000 cubic feet of natural gas. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. "Boe/d" and "boepd" mean barrel of oil equivalent per day. Bbl means barrel of oil and "bopd" means barrels of oil per day. NGLs means natural gas liquids. Oil and Gas Metrics This press release contains certain oil and gas metrics and defined terms which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar metrics/terms presented by other issuers and may differ by definition and application. All oil and gas metrics/terms used in this document are defined below: " Capital payout" or "payout per well", is the time period for the operating netback of a well to equate to the individual cost of drilling, completing and equipping the well. Management uses capital payout and payout per well as a measure of capital efficiency of a well to make capital allocation decisions. " Decline" is the amount existing production decreases year over year, without new drilling. Sproule's 2024 year end reserves have a Proved Developed Producing ("PDP") decline of 27 percent and a Proven Plus Probable Developed Producing ("P+PDP") decline of 25 percent. Management uses these oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare our operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes. Drilling Inventory This press release discloses drilling locations in two categories: (i) booked locations; and (ii) unbooked locations. Booked locations are proved locations and probable locations derived from an external evaluation using standard practices as prescribed in the Canadian Oil and Gas Evaluations Handbook and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal estimates based on prospective acreage and assumptions as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources. Unbooked locations have been identified by Surge's internal certified Engineers and Geologists (who are also Qualified Reserve Evaluators ("QRE")) as an estimation of our multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company actually drills wells will ultimately depend upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While certain of the unbooked drilling locations have been de-risked by drilling existing wells in relative close proximity to such unbooked drilling locations, the majority of other unbooked drilling locations are farther away from existing wells where Management has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production. Assuming a January 1, 2025 reference date, the Company will have over >975 gross (>900 net) drilling locations identified herein; of these >575 gross (>525 net) are unbooked locations. Of the 367 net booked locations identified herein, 284 net are Proved locations and 83 net are Probable locations based on Sproule's 2024 year end reserves. Assuming an average number of net wells drilled per year of 75, Surge's >900 net locations provide 12 years of drilling. Assuming a January 1, 2025 reference date, the Company will have over >500 gross (>475 net) Sparky Core area drilling locations identified herein; of these >300 gross (>300 net) are unbooked locations. Of the 196 net booked locations identified herein, 143 net are Proved locations and 53 net are Probable locations based on Sproule's 2024 year end reserves. Assuming an average number of wells drilled per year of 40, Surge's >475 net locations provide >12 years of drilling. Assuming a January 1, 2025 reference date, the Company will have over >80 gross (>80 net) Sparky Hope Valley area drilling locations identified herein; of these >60 gross (>60 net) are unbooked locations. Of the 22 net booked locations identified herein, 17 net are Proved locations and 5 net are Probable locations based on Sproule's 2024 year end reserves. Surge's internally used type curves were constructed using a representative, factual and balanced analog data set, as of January 1, 2024. All locations were risked appropriately, and Estimated Ultimate Recovery ("EUR") was measured against Discovered Petroleum Initially In Place ("DPIIP") estimates to ensure a reasonable recovery factor was being achieved based on the respective spacing assumption. Other assumptions, such as capital, operating expenses, wellhead offsets, land encumbrances, working interests and NGL yields were all reviewed, updated and accounted for on a well-by-well basis by Surge's QRE's. All type curves fully comply with Part 5.8 of the Companion Policy 51 – 101CP. Surge's internal Hope Valley type curve profile of 172 bopd (IP30), 168 bopd (IP90) and 175 mbbl (175 mboe) EUR reserves per well, with assumed $2.5 MM per well capital, has a payout of ~10 months @ US$70/bbl WTI (C$93.05/bbl LSB) and a ~175 percent IRR. Since the beginning of 2024, Surge has drilled eight multi-lateral wells at Hope Valley that have more than three months of production data. These eight wells produced at an average IP90 of 220 bopd, which exceeded Management's IP90 type curve expectations of 168 bopd by over 30 percent. Non-GAAP and Other Financial Measures This press release includes references to non-GAAP and other financial measures used by the Company to evaluate its financial performance, financial position or cash flow. These specified financial measures include non-GAAP financial measures and non-GAAP ratios and are not defined by IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board, and therefore are referred to as non-GAAP and other financial measures. These non-GAAP and other financial measures are included because Management uses the information to analyze business performance, cash flow generated from the business, leverage and liquidity, resulting from the Company's principal business activities and it may be useful to investors on the same basis. None of these measures are used to enhance the Company's reported financial performance or position. The non-GAAP and other financial measures do not have a standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. They are common in the reports of other companies but may differ by definition and application. All non-GAAP and other financial measures used in this document are defined below, and as applicable, reconciliations to the most directly comparable GAAP measure for the period ended March 31, 2025, have been provided to demonstrate the calculation of these measures: Adjusted Funds Flow & Adjusted Funds Flow Per Share Adjusted funds flow is a non-GAAP financial measure. The Company adjusts cash flow from operating activities in calculating adjusted funds flow for changes in non-cash working capital, decommissioning expenditures, and cash settled transaction and other costs. Management believes the timing of collection, payment or incurrence of these items involves a high degree of discretion and as such, may not be useful for evaluating Surge's cash flows. Changes in non-cash working capital are a result of the timing of cash flows related to accounts receivable and accounts payable, which Management believes reduces comparability between periods. Management views decommissioning expenditures predominately as a discretionary allocation of capital, with flexibility to determine the size and timing of decommissioning programs to achieve greater capital efficiencies and as such, costs may vary between periods. Transaction and other costs represent expenditures associated with property acquisitions and dispositions, debt restructuring and employee severance costs, which Management believes do not reflect the ongoing cash flows of the business, and as such, reduces comparability. Each of these expenditures, due to their nature, are not considered principal business activities and vary between periods, which Management believes reduces comparability. Adjusted funds flow per share is a non-GAAP ratio, calculated using the same weighted average basic and diluted shares used in calculating income (loss) per share. The following table reconciles cash flow from operating activities to adjusted funds flow and adjusted funds flow per share: Free Cash Flow Free cash flow is a non-GAAP financial measure. Free cash flow is calculated as cash flow from operating activities, adjusted for changes in non-cash working capital, decommissioning expenditures, and cash settled transaction and other costs, less expenditures on property, plant and equipment. Management uses free cash flow to determine the amount of funds available to the Company for future capital allocation decisions. Net Debt Net debt is a non-GAAP financial measure, calculated as bank debt, senior unsecured notes, term debt, plus the liability component of the convertible debentures plus current assets, less current liabilities, however, excluding the fair value of financial contracts, decommissioning obligations, and lease and other obligations. There is no comparable measure in accordance with IFRS for net debt. This metric is used by Management to analyze the level of debt in the Company including the impact of working capital, which varies with the timing of settlement of these balances. ($000s) As at Mar 31, 2025 As at Dec 31, 2024 As at Mar 31, 2024 Cash 11,736 7,594 — Accounts receivable 55,506 58,327 62,676 Prepaid expenses and deposits 2,363 3,233 5,525 Accounts payable and accrued liabilities (94,749) (95,433) (98,715) Dividends payable (4,313) (4,350) (4,023) Bank debt — — (52,501) Senior unsecured notes (171,090) (170,872) — Term debt (5,637) (6,224) (170,675) Convertible debentures (39,819) (39,401) (38,211) Net Debt (246,003) (247,126) (295,924) Net Operating Expenses & Net Operating Expenses per boe Net operating expenses is a non-GAAP financial measure, determined by deducting processing income, primarily generated by processing third party volumes at processing facilities where the Company has an ownership interest. It is common in the industry to earn third party processing revenue on facilities where the entity has a working interest in the infrastructure asset. Under IFRS, this source of funds is required to be reported as revenue. However, the Company's principal business is not that of a midstream entity whose activities are dedicated to earning processing and other infrastructure payments. Where the Company has excess capacity at one of its facilities, it will look to process third party volumes as a means to reduce the cost of operating/owning the facility. As such, third party processing revenue is netted against operating costs when analyzed by Management. Net operating expenses per boe is a non-GAAP ratio, calculated as net operating expenses divided by total barrels of oil equivalent produced during a specific period of time. Operating Netback, Operating Netback per boe & Adjusted Funds Flow per boe Operating netback is a non-GAAP financial measure, calculated as petroleum and natural gas revenue and processing and other income, less royalties, realized gain (loss) on commodity and FX contracts, operating expenses, and transportation expenses. Operating netback per boe is a non-GAAP ratio, calculated as operating netback divided by total barrels of oil equivalent produced during a specific period of time. There is no comparable measure in accordance with IFRS. This metric is used by Management to evaluate the Company's ability to generate cash margin on a unit of production basis. Adjusted funds flow per boe is a non-GAAP ratio, calculated as adjusted funds flow divided by total barrels of oil equivalent produced during a specific period of time. Operating netback & adjusted funds flow are calculated on a per unit basis as follows: For more information about Surge, please visit our website at Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility of the accuracy of this release. SOURCE Surge Energy Inc.
Time of India
02-05-2025
- Entertainment
- Time of India
Best Clash Royale decks for 7 elixir challenge
Image via: Supercell As the season of Clash Royale's A Tale of Thieves begins to fade, players are now just over one of the wildest events in the game, the 7x Elixir Challenge , which runs from April 28 to May 5. With elixir just gushing like a fire hydrant, seven times faster than the normal rate, strategy comes second to wits, ruthless offense, and no-holds-barred unit spawns. Welcome to the madness. In such a crazy fast environment, every card is available to, even the heaviest-hitting. The key is not only to choose strong cards, but also to choose those that pair well with each other under pressure. Bearing this in mind, three battle-tested decks are provided that were designed not to survive the chaos, but to thrive in it. Deck 1: The Dual Lane Dominator Core Cards: Evo Royal Recruits Evo P.E.K.K.A Mega Knight Three Musketeers Executioner BEST DECK for the 7X ELIXIR CHALLENGE! This deck is focused strongly on lane control. You basically want to attack from two fronts: Royal Recruits splitting and distracting one lane while P.E.K.K.A deals with the other lane. Given this is a 6.3 elixir average, one would think it would be a recipe for disaster, but here, it is just unstoppable. Boss Bandit and Night Witch provide backup muscle, while the Executioner can easily shred air and swarm units alike. Cycle through your keeps, and feel free to drop the Three Musketeers early; most troops won't be able to respond in time for the Three Musketeers to tank damage and take down the tower. Tip : Go aggressive right off the bat. Set the tempo with a Mega Knight or P.E.K.K.A, forcing your opponent to defend. Deck 2: The Beatdown Engine Core Cards: Evo Mega Knight Golem Electro Giant Goblinstein Mirror This deck was crafted for the pure, blatantly destructive endgame. Royal Recruits comes out first with your opening play, setting a defensive tarp. Tip : Stack your push. This isn't just tossing troops; you get weight behind each elixir burst to overwhelm your opponent with sheer numbers. Deck 3: The Split Specialist Core Cards: Evo P.E.K.K.A Lava Hound Goblin Barrel Sparky Mighty Miner This deck introduces a refreshing twist in splitting the pressure between ground and air. While Lava Hound lazily flows to the tower, P.E.K.K.A and Mighty Miner attack on the opposite lane. Sparky charges up to decimate ground troops and Executioner plus Electro Wizard hold the line. Goblin Barrel creates quick pressure plays forcing the opponent to split his attention. Deck for 7x Challenge Tip : Think asymmetry. Use Lava Hound as the decoy; your real damage push goes the other way. In the 7x Elixir Challenge, no time for second thoughts. Whether beatdown, control, or split-push are your thing, these decks will help you make it through the storm. Choose your playstyle, embrace chaos, and remember-every match is a sprint, not a marathon.
