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Surge Energy Inc
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January 2024 Corporate Presentation
| Paul Colborne | Page 9 of 11 |
April 27, 2024
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"January 2024 Corporate Presentation"
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Surge proactively targets low risk conventional reservoirs. The Company currently has >3.0 billion barrels of net OOIP with an estimated 7.7% recovery factor (cum to date). • High permeability and conventional reservoirs lower capital risk and decline profiles. • Potential for greatly improved ultimate oil recovery and greater IRR and PIR. • Enhanced oil recovery from waterflood potential lowers decline rates and adds incremental barrels at a low cost. Conventional reservoirs offer lower risk, predictable, repeatable development with opportunity to improve recovery factors Advantages of Conventional Reservoirs Please see the Advisories section at the back of this presentation for further details regarding forward-looking statements, oil and gas information, and non-GAAP and other financial measures. Unconventional Reservoirs Conventional Reservoirs Extremely Tight Very Tight Tight Low Moderate High Permeability (mD) Business / Operational Risk Higher Capital Risk Higher Decline Lower Capital Risk Lower Decline HIGH PERMEABILITY LOW PERMEABILITYL Increasing permeability = higher quality reservoir 0.0001 0.001 0.01 0.1 1 10 100