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Surge Energy Inc (2)
Symbol SGY
Shares Issued 83,357,221
Close 2021-12-21 C$ 4.05
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Surge Energy releases inaugural sustainability report

2021-12-21 16:59 ET - News Release

Mr. Paul Colborne reports

SURGE ENERGY INC. ANNOUNCES INAUGURAL SUSTAINABILITY REPORT

Surge Energy Inc. has published its inaugural sustainability report.

Inaugural sustainability report

Surge has released its inaugural sustainability report, outlining the company's progress on environmental, social and governance (ESG) practices and their impact on Surge's business and operating strategy. This sustainability report reaffirms the company's commitment to be a leader in reducing the impact of oil and gas operations on the environment.

Sustainability report highlights:

  • Surge abandoned nearly 550 inactive wells from 2018 through 2020, more than four times the number of wells the company drilled during that period.
  • Surge abandoned over 21 per cent of the company's inactive wells in 2020 alone.
  • Surge's 2019/2020 vapour recovery unit installation program has reduced carbon dioxide equivalent emissions by 25,000 tonnes.
  • Surge's focus on conventional reservoirs allows the company to use significantly less fresh water than its peers. Surge estimates that it uses less than 5 per cent of the water used by its peers to develop unconventional reservoirs.
  • Surge's commitment to safety is highlighted by zero lost-time incidents from 2016 through 2020.

Surge's sustainability report covers performance metrics for the 2019 and 2020 calendar years and aligns with guidance set forth by the Task Force on Climate-related Financial Disclosure (TCFD).

The sustainability report was approved by Surge's management team as well as the company's board of directors. The report is intended to allow all Surge stakeholders to better understand the company's commitment to being a leader in sustainable, responsible oil and gas operations.

The inaugural sustainability report can be accessed through the company's website.

We seek Safe Harbor.

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