Independent oil and gas company acquires acreage in Permian basin

World Oil Staff February 17, 2023

(WO) — Independent oil and gas company Surge Energy added incremental acreage to the Company's portfolio.

In 2022 and early 2023, Surge Energy closed several bolt-on acreage transactions that totaled approximately 6,000 net acres. These transactions provide the company with the opportunity to extend horizontal well lateral lengths, increase working interest in existing units, or add new inventory within the company's existing acreage footprint in Howard and Borden counties.

Additionally, the company acquired a substantial acreage position in Dawson and Gaines Counties in the northern Midland basin, part of the greater Permian basin, that included several existing wellbores. Surge Energy plans to test opportunities for oil well commerciality in 2023.

All of these transactions were from undisclosed sellers.

"Surge continues to be focused on growing our business," stated Chief Executive Officer Linhua Guan. "These transactions increase the Company's footprint as well as give Surge the exciting opportunity to test a new area in Dawson and Gaines Counties."

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