Surge Energy to acquire Mount Bastion

Surge Energy Inc., Calgary, will acquire 5,500 boe/d of production, mostly light oil, in western Alberta now operated by Mount Bastion Oil & Gas Corp. Surge has agreed to acquire all shares of Mountain Bastion for cash and stock worth a total of $320 million (Can.), up to $145 million of which will be cash.

OGJ editors

Sept. 7, 2018

Content Dam Ogj Online Articles 2018 09 180907 Surge Bastion Map Final

Surge Energy Inc., Calgary, will acquire 5,500 boe/d of production, mostly light oil, in western Alberta now operated by Mount Bastion Oil & Gas Corp.

Surge has agreed to acquire all shares of Mountain Bastion for cash and stock worth a total of $320 million (Can.), up to $145 million of which will be cash.

The acquisition covers 25 million boe of proved and probable reserves, 98% of which is light oil in structural reef complexes of the Devonian Beaverhill Lake Group.

The acquired properties are near Surge’s light oil pools on waterflood at Nipisi and Nipisi South.