Surge Energy Inc. announces inaugural sustainability report

INAUGURAL SUSTAINABILITY REPORT

Surge is pleased to present its inaugural Sustainability Report, outlining the Company’s progress on environmental, social and governance (“ESG”) practices and their impact on Surge’s business and operating strategy. This Sustainability Report reaffirms the Company’s commitment to be a leader in reducing the impact of oil and gas operations on the environment.

SUSTAINABILITY REPORT HIGHLIGHTS

• Surge abandoned nearly 550 inactive wells from 2018 through 2020; more than 4 times the number of wells the Company drilled during that period;
• Abandoned over 21 percent of the Company’s inactive wells in 2020 alone;
• Surge’s 2019 and 2020 Vapor Recovery Unit installation program has reduced CO2 equivalent emissions by 25,000 tonnes;
• Surge’s focus on conventional reservoirs allows the Company to use significantly less fresh water than its peers. Surge estimates that it uses less than five percent of the water used by its peers to develop unconventional reservoirs; and
• Surge’s commitment to safety is highlighted by a zero lost time incident frequency from 2016 through 2020.

Surge’s Sustainability Report covers performance metrics for the 2019 and 2020 calendar years and aligns with guidance set forth by the Task Force on Climate-related Financial Disclosure (TCFD).

The Sustainability Report was approved by Surge’s Management Team, as well as the Company’s Board of Directors.  The report is intended to allow all Surge stakeholders to better understand our commitment to being a leader in sustainable, responsible oil and gas operations.

The inaugural Sustainability Report can be accessed through the Company’s website.