Surge Energy is a pure-play Western Canadian conventional oil producer (~25 mboe/d, ~85% liquids) built around low-decline waterflood and EOR assets in the Sparky and SE Saskatchewan fairways; the low corporate decline holds maintenance capital down and funds a high monthly dividend yielding roughly 8%.
The investment case hinges on oil price and payout sustainability: strong netbacks in a mid-cycle WTI environment cover the dividend and modest debt reduction, but the above-average payout, single-basin concentration, and full exposure to WTI/heavy differentials make cash flow and the dividend sensitive to price swings and Canadian egress/carbon-cost dynamics.
Its EV/EBITDA of 4.5x is below the 5.9x median across the 142-company universe, the free-cash-flow yield of 11.6% is higher than the 6.5% median, and at $13.58/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, Surge Energy scores 53/100, strongest on safety (62/100). Sub-scores: value 56, quality 49, growth 36, risk 38 (higher = riskier).
Surge Energy holds approximately 0.07 billion boe of proved (1P) reserves with FY2025 production of about 24 thousand boe/d (88% liquids), a reserve life of roughly 7.8 years. Break-even: ~$50 (WTI FCF breakeven) — Low-decline conventional waterflood base keeps sustaining capital modest; the free-cash-flow breakeven covering maintenance capex plus the monthly dividend sits near WTI ~US$50/bbl.
For Surge Energy, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Canada | 100% | 8 | Stable; pipeline egress constraints, oil-sands emissions policy. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Sparky | Canada | Conventional medium oil | Core Alberta waterflood/EOR fairway; largest producing area and primary development focus |
| SE Saskatchewan | Canada | Conventional light/medium oil | Low-decline light/medium oil waterflood core area |
| Shaunavon | Canada | Conventional medium oil | SW Saskatchewan conventional oil pool |
| Valhalla | Canada | Conventional light oil | Alberta Doig/Montney light-oil play |
| Greater Sawn | Canada | Conventional light oil | North-central Alberta Nisku/Slave Point light oil |
| Betty Lake / Provost | Canada | EOR (polymer/waterflood) | Enhanced-oil-recovery pilots and polymer/waterflood upside |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 22 | 24 | 24 | 25 | 24 |
| Proved reserves (bnboe) | 0.09 | 0.10 | 0.10 | 0.10 | 0.07 |
| Revenue ($bn) | 0.3 | 0.5 | 0.5 | 0.5 | 0.4 |
| EBITDA ($bn) | 0.2 | 0.3 | 0.2 | 0.2 | 0.2 |
| Net income ($bn) | 0.1 | 0.2 | 0.1 | 0.1 | 0.0 |
| Free cash flow ($bn) | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
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✓ FY2025 figures verified against primary sources: