Mr. Paul Colborne reports

SURGE ENERGY INC. CONFIRMS INCREASED FEBRUARY 2023 DIVIDEND

Surge Energy Inc. has confirmed a cash dividend to be paid on Feb. 15, 2023, in respect of January, 2023, production, for the shareholders of record on Jan. 31, 2023, will be four cents per share.

The four-cent-per-share dividend represents a 14-per-cent increase in the company's dividend, from 42 cents per share per year (3.5 cents per share per month) to 48 cents per share per year (four cents per share per month).

The dividend is an eligible dividend for the purposes of the Income Tax Act (Canada).

About Surge Energy Inc.

Surge is an intermediate, publicly traded oil company focused on enhancing shareholder returns through free cash flow generation. The company's defined operating strategy is based on acquiring and developing high-quality, conventional oil reservoirs using proven technology to enhance ultimate oil recoveries.