Surge Energy Posts Higher Q2 Profit

Surge Energy

reported a rise in its second-quarter profit. Surge Energy's quarterly net income climbed to C$13.3 million ($13.3 million), or 18 Canadian cents a share, versus C$3.3 million, or 6 Canadian cents a share, in the year-ago period. Its total revenue surged 64% to C$49.0 million, while funds from operations jumped to C$24.3 million. Surge Energy's total production climbed 84% to 9,275 boepd. Surge Energy shares closed at $7.51 yesterday.