Surge Energy seeks more deals to expand in Williston Basin


Surge Energy (ZPTAF), which already has announced five acquisitions since June, is seeking more deals this year to expand its holdings in the southeast Saskatchewan portion of the Williston Basin, CEO Paul Colborne says.

Surge is interested in some oil properties held by Penn West Petroleum (PWE), Colborne says; PWE is targeting as much as C$2B in asset sales, it said in November.

Surge said on Jan. 13 it will raise its annual dividend to $0.54/share, and Colborne says it is poised to keep boosting its dividend along with output in 2014.

Comments (9)
  • john001
    , contributor
    Comments (1215) | Send Message
     
    Surge ahead
    15 Jan 2014, 04:02 PM Reply Like
  • joabe17
    , contributor
    Comments (198) | Send Message
     
    A motivated buyer for some of their mountain of undeveloped assets could mean good news longterm for PWE also. I am currently a seller of PWE June 2014 $8.00 PUTS, I own no shares at this time.
    15 Jan 2014, 04:14 PM Reply Like
  • RASTA
    , contributor
    Comments (59) | Send Message
     
    Joabe,I am long PWE too-non option players may not understand what you wrote."We" have had enough pressure on this undervalued co.Just wanted to clarify selling puts makes you long as well.Rasta
    15 Jan 2014, 05:20 PM Reply Like
  • ystock15
    , contributor
    Comments (165) | Send Message
     
    It's about damn time! Been holding PWE for 3 months, need some change
    15 Jan 2014, 04:18 PM Reply Like
  • joabe17
    , contributor
    Comments (198) | Send Message
     
    That is true RASTA. If I am forced to cover my sold puts in June I will purchase the shares instead of just buying back the puts. I think Penn West at $8.00, the 70 cent premium I received from the sale makes the price for me only $7.30 actually, is a long term bargain. Time will tell.
    15 Jan 2014, 06:45 PM Reply Like
  • RASTA
    , contributor
    Comments (59) | Send Message
     
    Very prudent.R
    16 Jan 2014, 09:20 AM Reply Like
  • kentonmag
    , contributor
    Comments (16) | Send Message
     
    Bought Surge at $5 Canadian but my broker talked me out of buying 8x the amount I ended up getting, big mistake. A 28% rise in price plus an 8% dividend means I missed out on some big money in a short period of time, currently at $6.48 on the Canadian market.
    16 Jan 2014, 08:39 AM Reply Like
  • Internal Aduitor
    , contributor
    Comments (32) | Send Message
     
    Bought surge in early 2013, serious bargain for 2.99 a share. Rode it all the way to c5.50 before exiting my entire position. My best stock of 2013
    16 Jan 2014, 10:04 AM Reply Like
  • joabe17
    , contributor
    Comments (198) | Send Message
     
    Bought shares of PWE at $7.44. Charles Schwab gives the stock an overall B rating with only momentum being a negative. Time will tell.
    22 Jan 2014, 02:34 PM Reply Like
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