Canada's Surge Energy makes 'exciting' discovery of Sparky crude in Alberta's Hope Valley

(WO) – In its latest operating report, Canadian company Surge Energy announced the discovery of an “exciting” crude oil deposit in Alberta’s Hope Valley.

Over the last four years, Surge has acquired a 32.5 net section property on an exciting new Sparky play trend known as Hope Valley. As part of the Alberta Crown sale on May 29, 2024, Surge strategically acquired 7.0 net sections of prospective land on the Hope Valley Sparky play trend.

The Company has now completed three successful multi-interval oil wells in the Hope Valley, making this an exciting new crude oil discovery in the Sparky Formation. Surge has now identified the potential for up to 100 multi-interval drill sites in the Hope Valley. Surge's technical interpretation of its recent 46 km² 3-D seismic program has enabled the Company to de-risk these future drill sites in the Hope Valley.

Production from Surge's recent Hope Valley well (the first well to incorporate the new 3D seismic data) has exceeded management's type curve with an IP60 daily production average of 255 barrels of oil per day.

For the remainder of 2024, Surge plans to drill six additional multilateral wells targeting the Sparky Formation in Hope Valley. In addition, Surge is constructing a multi-well oil battery to accommodate planned future growth in the region.