March 10, 2020 / 6:50 AM / 25 days ago

BRIEF-Surge Energy Reports Qtrly Basic Loss Per Share $0.44

March 10 (Reuters) - Surge Energy Inc:

* ANNOUNCES 2019 FOURTH QUARTER AND YEAR-END FINANCIAL AND OPERATING RESULTS; 2019 YEAR-END RESERVES; AND DIVIDEND REDUCTION

* ANTICIPATES REDUCING CO’S DIVIDEND FROM $0.10 PER SHARE PER YEAR TO $0.01 PER SHARE PER YEAR

* QTRLY ADJUSTED FUNDS FLOW BASIC EARNINGS PER SHARE $0.12

* CO’S 2019 PRODUCTION AVERAGED 21,175 BOEPD COMPARED TO 2018 AVERAGE PRODUCTION VOLUMES OF 18,058 BOEPD

* QTRLY TOTAL OIL, NATURAL GAS, AND NGL REVENUE $91.8 MILLION VERSUS $58.1 MILLION

* QTRLY TOTAL PRODUCTION 20,325 BOE PER DAY VERSUS 21,047 BOE PER DAY

* SURGE ENERGY - IN RESPONSE TO VOLATILITY VOLATILITY STEMMING FROM COVID-19 OUTBREAK, CO TO SHIFT CAPITAL FROM Q1 2020 INTO SECOND HALF OF YEAR Source text for Eikon: Further company coverage:

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