Mr. Paul Colborne reports

SURGE ENERGY INC. CONFIRMS INCREASED AUGUST 2024 DIVIDEND

Surge Energy Inc. will pay a cash dividend on Aug. 15, 2024, in respect of July, 2024, production, for the shareholders of record on July 31, 2024, in the amount of 4.3 cents per share.

The 52-cent-per-share dividend represents an 8-per-cent increase in the company's dividend, from 48 cents per share per year (four cents per share per month) to 52 cents per share per year (4.3 cents per share per month). On an annualized basis, the increased dividend of $52-million represents less than 18 per cent of the company's 2024 cash flow from operating activities guidance of $290-million at $75 (U.S.) WTI (West Texas Intermediate) per barrel.

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.