Surge Energy (SGY.TO) Jumps Near To New Highs After The Big News

A key announcement from Surge Energy Inc (SGY.TO) on Friday resulted in a strong rally in the stock and it is likely that the stock is going to be on the radars of most investors when the markets open on Monday.

Yesterday, the company announced that it had been successful with regards to the 1H/21 drilling program that spanned across as many as 32 wells. It was a significant announcement and led to gains of as big as 32% for the Surge Energy stock.

Related:  88 Energy (EEENF) Keeps On Rising as Traders Continue to Chase The Stock At Higher Level

In addition to that, the company also announced that it managed to sell one of its assets for as much as $106 million. On the other hand, Surge Energy also managed to get a favorable redetermination of its first as well as second liens of credit. These are all significantly positive developments and proved to be a major factor behind the rally in the surging stock yesterday. Investors could consider putting the stock in their watch lists.

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.