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Surge Energy Inc
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April 2024 Spring Corporate Presentation
| Paul Colborne | Page 2 of 11 |
May 03, 2024
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"April 2024 Spring Corporate Presentation"
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2 • Dominant positions in conventional Sparky and SE Saskatchewan oil plays • Light/medium oil asset base with large OOIP , high netbacks, and low recoveries • Multi-year development drilling inventory • Targeting low net debt and leverage metrics • Low declines underpinned by current and future waterflood operations • High porosity and permeability low- cost conventional reservoirs provide better PEs, IRRs, and PIRs • Seasoned management team with a proven track record of execution • Strong governance with significant insider ownership = shareholder alignment and commitment to long- term sustainability and success • Focus on operational execution drives enhanced free cash flow and financial flexibility • A shareholder returns-based model with an increasing, compounding dividend • Significant tax pools allow for maximum distribution of free cash flow on a tax- efficient basis The Surge Value Proposition 1 Surge has $1.2 billion in tax pools, representing a 4-year tax horizon at US$75 WTI pricing. 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. High Quality Conventional Assets Disciplined Capital Allocation Proven Track Record of Execution Maximize Free Cash Flow and Shareholder Returns $$$ = + + High quality assets and strategic capital allocation maximize shareholder value and returns