Canada’s Surge Energy makes “exciting” Sparky crude oil discovery in Alberta’s Hope Valley

(WO) – In its latest operational report, Canada’s Surge Energy announced an “exciting” crude oil discovery in Hope Valley, Alberta.

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

The company has now drilled 3 successful multi-leg oil wells in Hope Valley, which has established it as an exciting new crude oil discovery in the Sparky formation. Surge has now identified the potential for up to 100 multi-lateral drilling locations at Hope Valley. Surge’s technical interpretation of its recent 46 square kilometer 3-D seismic program has allowed the company to de-risk these future drilling locations in Hope Valley.

Production from Surge’s latest Hope Valley well (the first well drilled incorporating the new 3-D seismic data) has exceeded Management’s type curve with a IP60 day production average of 255 bopd.

For the balance of 2024, Surge is planning 6 additional multi-lateral wells targeting the Sparky formation at Hope Valley. In addition, Surge is building a multi-well oil battery to accommodate planned future growth in the area.