Surge Energy Inc. completes C$106M asset sale with positive credit facility re-determination

On March 25, 2021, Surge Energy Inc. closed a strategic C$106 million asset sale with a positive credit facility re-determination. As a result of the sale, Surge reduced debt and its annual interest expenses, with the intent of focusing more capital on its drilling operations.

Surge Energy Inc. is an oil focused exploration and production company that has a high-quality crude oil reserve, production and cash flow base.

McCarthy Tétrault LLP advised Surge Energy Inc. with a team led by Brian Bidyk that included Jamie Gibb and Kerri Howard (Business), Peter Birkness (Financial Services), and Jonathan Bitran (Competition).