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Surge Energy Inc
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January 2024 Corporate Presentation
| Paul Colborne | Page 4 of 11 |
April 27, 2024
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"January 2024 Corporate Presentation"
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4 New 2022 Reserves On March 8, 2023, SGY announced top tier reserves, F&D, and FD&A results as follows: Gross Reserves 1 Crude Oil and NGLs 2 (Mbbl) Natural Gas 3 (MMcf) Oil Equivalent Total Reserves (Mboe) NPVBT10 4,5 ($MM) Proved: Proved Producing 39,070 33,053 44,579 1,054 Proved Non-Producing 1,509 1,013 1,678 40 Proved Undeveloped 32,518 35,762 38,478 581 Total Proved 73,097 69,828 84,735 1,676 Probable 32,702 31,400 37,935 835 Total Proved Plus Probable 105,799 101,299 122,670 2,511 1. Amounts might not add due to rounding 2. Includes light, medium, heavy, and natural gas liquids 3. Includes non-associated and natural gas, solution gas, and coal bed methane. 4. Before Tax Net Present Value of Future net Revenue discounted at 10% 5. Total ADR (Abandonment, Decommissioning, Reclamation) is included in the reserves report, as it is best practice stated in the COGE Handbook. Reserves Summary and Net Present Value In 2022, Surge delivered: • PDP Finding & Development (“F&D”) cost of $22.08/boe, including changes in FDC providing a recycle ratio of 2.54x on an unhedged 2022 operating netback of $56.12/boe • PDP Finding, Development & Acquisition (“FD&A”) cost of $21.95/boe, resulting in a 2.56x Recycle Ratio on an unhedged 2022 operating netback of $56.12/boe