The Globe and Mail reports in its Tuesday edition that the outlook for Canadian oil and gas equities appears promising as we head into February. Guest columnist Ted Dixon writes that bullish insider sentiment persists in the oil patch: For every two stocks experiencing key insider selling over the past 60 days, three are seeing meaningful insider buying. Mr. Dixon highlights Surge Energy, which is trading below a $1-billion market cap. His criteria include attractive valuation, insider holdings, public market activity and price momentum. Surge Energy's 2026 budget calls for $150-million in exploration and development capital, targeting average production of 23,000 barrels of oil equivalent per day at 88 per cent liquids. At $65 (U.S.) West Texas Intermediate, management forecasts adjusted funds flow of $265-million and free cash flow of $95-million. The company envisions an annual dividend of 52 cents a share, paid monthly. Management plans to allocate most of Surge's excess free cash flow in 2026 to debt reduction and share repurchases. During the past 90 days, one Surge Energy director bought 36,000 shares at $6.88 (Nov. 11) and another sold 20,000 shares on Dec. 8 at $7.37.