Surge Energy Inc. has entered into a definitive purchase and sale agreement to acquire oil assets from Enerplus Corporation. These assets, located within Surge's Sparky and SE Saskatchewan core areas, are being acquired for a gross amount of $245 million. The payment structure includes an estimated $165 million in cash, $45 million in interim adjustments, and $35 million of equity in Surge's common shares issued to Enerplus. The anticipated net purchase price after adjustments is $200 million, with the deal set to close around December 19, 2022. Following this acquisition, Surge expects to raise its annual cash dividend by 14% to $0.48 per share. The assets produce more than 3,850 boepd, predominantly of light and medium gravity crude oil. The acquisition is predicted to be 17% accretive to Surge's 2023 free cash flow per share. Paul Colborne, CEO of Surge, lauded the quality of the assets and highlighted their alignment with Surge's acquisition strategy. Financial advising for the deal was provided by Peters & Co. Limited and National Bank Financial Inc., with legal advice from McCarthy Tétrault LLP.