by an insider or shareholder Klondex Mines (KDX) or new Director Charles Oliver formally of Sprott ??

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Press release from Marketwire

Fission Step Out Hits High Grade 30m North of R600W Among 15/15 Mineralized Holes at R600W, R780E and R1620E Zones

New parallel Zone Intersected North of Main R600W

Tuesday, March 31, 2015

Fission Step Out Hits High Grade 30m North of R600W Among 15/15 Mineralized Holes at R600W, R780E and R1620E Zones

03:00 EDT Tuesday, March 31, 2015

KELOWNA, BRITISH COLUMBIA--(Marketwired - March 31, 2015) - FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)(FRANKFURT:2FU) ("Fission" or "the Company") is pleased to announce results from fifteen angled holes drilled on the R600W, R00E, R780E and R1620E zones at its PLS property, in Canada's Athabasca Basin region. Of particular importance, not only has the footprint of zone R600W grown but hole PLS15-372 (line 585W) has intercepted a new high-grade interval approximately 30m grid north of R600W. The R600W zone is a top priority for further drilling. Drilling has also resulted in expansion of the footprint on the, R780E and R1620E zones. Of additional importance, two holes (PLS15-328 and PLS15-356) encountered mineralization on line 150E, located in the 225m gap separating R00E from R780E.

Drilling Highlights Include:

• New High-Grade Interval Discovered 30m north of the R600W main zone (PLS15-372)


• Expansion of Three Zones:
  
  
  
  • R600W Main Zone has doubled from pre-2015 strike length to 60m. Lateral width has increased, presently up to 30m
  
  
  • R780E High-Grade Core has expanded on several lines (315E, 435E, 480E, 870E)
  
  
  • R1620E Mineralization Footprint has increased to 45m strike length with PLS15-357 (line 1575E)
  
  
  
  


• Gap between R00E zone and R780E zone: mineralization has been intersected on line 150E at Triple R deposit (PLS15-328 and PLS15-356)


• Substantial high-grade intercepts in eight holes, including:
  
  
  
  • Hole PLS15-369 (line 870E) - zone R780E
    
    
    
    • 78.0m total composite mineralization over a 281.5m section (between 76.0m - 357.5m) including:
      
      
      
      • 5.24m total composite mineralization of >10,000 cps radioactivity
      
      
      
      
    
    
    
    
  
  
  • Hole PLS15-375 (line 480E) - zone R780E
    
    
    
    • 59.5m total composite mineralization over a 134.0m section (between 75.5m - 209.5m) including:
      
      
      
      • 5.08m total composite mineralization of >10,000 cps radioactivity
      
      
      
      
    
    
    
    
  
  
  • Hole PLS15-367 (line 645W) - zone R600W
    
    
    
    • 56.0m mineralized interval (between 98.0m - 154.0m) including:
      
      
      
      • 4.00m total composite mineralization of >10,000 cps radioactivity
      
      
      
      
    
    
    
    
  
  
  
  

Ross McElroy, President, COO, and Chief Geologist for Fission, commented,

"PLS continues to impress and surprise us, for example with the results at R600W.Not only is the main high-grade zone growing, but the intersection in PLS15-356 of a new, possibly parallel, high-grade interval 30m to the north is a validation that R600W is host to a very considerable amount of strong uranium mineralization. We are also extremely pleased with the continued expansion of high-grade mineralization in the R780E zone and the eastward expansion of the R1620E zone.

R600W Zone (line 645W - line 585W)

The R600W zone discovery was the result of follow-up by drilling of a radon in sediment anomaly identified during the summer 2013 program. The radon anomaly is located between 540W and 630W and may be associated with inferred north-south cross cutting structures. This anomaly lies along an ENE trend, parallel and just north of the PL-3B EM conductor, where-as mineralization so far has been found south of the conductor. The R600W zone presently has a currently defined strike length of 60m (line 645W to line 585W) and a lateral grid north-south width of up to approximately 30m, as defined by 12 holes. In 2013, 5 holes into the R600W intersected only low grade mineralization. In 2015 7 additional holes have intersected mineralization with 5 of those encountering significant widths of high-grade radioactivity. Additional drilling is required to further outline and advance the R600W zone.

Two recent holes (PLS15-367 and PLS15-372) drilled at the western and eastern boundaries of the R600W zone have both intersected significant radioactive mineralization including intervals with >10,000 cps. PLS15-367 encountered a total composite of 4.0m of >10,000 cps while PLS15-372 encountered a total composite of 1.15m of >10,000 cps including a 0.98m total composite >10,000 cps in a new interval located 30m to the north of the main R600W zone.

Hole ID
Zone
Collar
* Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum)
Lake
Depth
(m)
Sandstone
From - To
(m)
Basement
Unconformity
Depth
(m)
Total
Drillhole
Depth
(m)

Grid
Line
Az
Dip
From
(m)
To
(m)
Width
(m)
CPS
Peak
Range

PLS15-367
R600W
645W
337
-78.5
98.0
154.0
56.0
<300 - 35600
NA
94.5 - 101.1
101.1
260.0

PLS15-372
R600W
585W
340
-77.4
103.5
127.5
24.0
<300 - 10400
NA
93.5 - 101.4
101.4
371.0

131.5
146.0
14.5
<300 - 6800

149.5
157.5
8.0
<300 - 920

160.0
165.5
5.5
<300 - 360

269.0
270.0
1.0
330 - 390

295.0
301.0
6.0
370 - 4600

307.0
309.5
2.5
1900 - 42500

R00E Zone (line 070W - line 055E):

The R00E zone is the discovery zone at PLS and is the western-most zone of the Triple R deposit. The R00E zone mineral resource is currently defined by 41 drill holes intersecting uranium mineralization over a combined grid east-west strike length of 125m and a maximum grid north-south width of 47m. Uranium mineralization at R00E trends north-easterly, in line with the corridor of variably graphitic pelitic gneiss.

Additional anomalous mineralization has been encountered a further 5m west to line 075W and sporadically an additional 95m east to line 150E. Five additional holes have been completed on the R00E zone, all encountering narrow intervals of weak mineralization. Two holes drilled on line 150E, within the 225m gap between the R00E and R780E zones both intersected weak to locally moderate radioactive mineralization. These results clearly indicate the potential for significant mineralization to be discovered within this gap that separates the 2 main zones of the Triple R deposit.

Hole ID
Zone
Collar
* Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum)
Lake
Depth
(m)
Sandstone
From - To
(m)
Basement
Unconformity
Depth
(m)
Total
Drillhole
Depth
(m)

Grid
Line
Az
Dip
From
(m)
To
(m)
Width
(m)
CPS
Peak
Range

PLS15-328
R00E
150E
337
-69.7
276.0
281.0
5.0
<300 - 1700
3.4
NA
69.9
431.0

286.0
290.0
4.0
<300 - 3000

296.5
297.0
0.5
350

PLS15-332
R00E
060E
337
-71.2
56.5
57.0
0.5
350
1.5
NA
55.3
254.0

67.0
70.5
3.5
<300 - 3300

76.5
77.0
0.5
310

104.0
105.0
1.0
330 - 400

PLS15-333
R00E
075W
337
-68.9
73.0
75.5
2.5
<300 - 370
NA
67.9 - 68.8
68.8
332.0

106.5
107.0
0.5
410

203.0
203.5
0.5
580

PLS15-339
R00E
030W
337
-71.7
65.0
66.0
1.0
520 - 610
NA
60.9 - 64.3
64.3
227.0

145.5
146.5
1.0
310 - 350

PLS15-356
R00E
150E
343
-62.6
279.0
281.0
2.0
<300 - 370
5.1
NA
63.1
349.3

288.0
289.5
1.5
<300 - 540

320.0
321.5
1.5
350 - 420

326.0
326.5
0.5
400

R780E Zone (line 265E - line 1165E):

The R780E zone was discovered during the winter 2013 drill program with drill hole PLS13-038. PLS13-038 targeted an intense radon-in-water anomaly occurring along the PLG-3B conductor, approximately 390m east of the PLS discovery hole. Drill hole PLS13-038 intersected a 34.0 m wide zone of very strong uranium mineralization, beginning at 87.0m, averaging 4.9% U3O8. The R780E zone mineral resource is currently defined by 194 drill holes over a grid east-west strike length of 900 m and a maximum grid north-south width of 93 m. Similar to R00E, R780E mineralization trends approximately northeast, in line with the corridor of variably graphitic pelitic gneiss. A very high grade spine of uranium mineralization occurs within the main zone and has been traced as a series of lenses across almost the entire strike length of the R780E zone. The high grade spine occurs along the contact between the variably graphitic pelitic gneiss and silicified semipelite.

An additional 40 holes drilled during the winter 2015 program (33 holes already reported on in previous news releases) have tested the R780E zone for expansion along strike to the east, vertical both up and down dip and laterally north and south as well as targeting the expansion of the high-grade domain within the R780E Main zone. The seven additional holes have all intersected significant widths of variably radioactive mineralization, with 5 of those intersecting varying degrees of strongly radioactive mineralization of >10,000 cps.

Hole ID
Zone
Collar
* Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum)
Lake
Depth
(m)
Sandstone
From - To
(m)
Basement
Unconformity
Depth
(m)
Total
Drillhole
Depth
(m)

Grid
Line
Az
Dip
From
(m)
To
(m)
Width
(m)
CPS
Peak
Range

PLS15-334
R780E
495E
334
-70.2
61.5
126.5
65.0
<300 - 21000
5.6
NA
62.2
260.0

134.5
137.5
3.0
330 - 810

158.5
164.0
5.5
<300 - 5800

PLS15-369
R780E
870E
334
-70.1
76.0
80.0
4.0
<300 - 550
7.8
NA
60.8
410.0

86.0
87.5
1.5
<300 - 340

107.0
107.5
0.5
310

110.0
110.5
0.5
350

119.5
121.5
2.0
300 - 810

125.0
129.0
4.0
<300 - 2800

137.0
143.0
6.0
<300 - 520

148.5
170.5
22.0
<300 - 63500

174.5
188.5
14.0
<300 - 15100

191.0
194.5
3.5
<300 - 4400

199.0
200.0
1.0
390 - 500

202.5
207.0
4.5
<300 - 41300

213.0
214.5
1.5
300 - 1100

223.5
226.0
2.5
400 - 1400

231.0
232.5
1.5
<300 - 1500

239.5
242.5
3.0
330 - 1600

247.5
248.0
0.5
810

306.5
307.0
0.5
380

311.5
313.0
1.5
300 - 1400

329.0
329.5
0.5
380

354.5
357.5
3.0
<300 - 430

PLS15-370
R780E
885E
339
-73.3
83.5
84.0
0.5
470
7.9
NA
61.4
350.0

86.5
88.0
1.5
320 - 440

93.5
94.0
0.5
300

104.0
111.0
7.0
<300 - 1100

140.0
163.0
23.0
<300 - 15000

168.5
169.0
0.5
310

181.0
184.5
3.5
<300 - 590

212.5
235.5
23.0
<300 - 11000

238.5
243.5
5.0
340 - 4700

247.0
250.5
3.5
<300 - 780

253.0
254.5
1.5
520 - 1700

261.0
261.5
0.5
330

267.5
268.0
0.5
960

295.5
296.0
0.5
700

301.5
304.5
3.0
<300 - 610

311.0
311.5
0.5
600

PLS15-371
R780E
315E
338
-71.3
60.5
88.0
27.5
<300 - 35500
4.9
NA
51.9
320.0

94.0
95.0
1.0
350 - 960

97.5
106.5
9.0
320 - 10200

109.5
111.5
2.0
340 - 750

119.5
123.0
3.5
360 - 780

125.5
127.5
2.0
<300 - 340

134.0
143.0
9.0
<300 - 670

188.5
189.5
1.0
380 - 500

214.5
217.0
2.5
<300 - 560

236.0
238.0
2.0
<300 - 390

PLS15-373
R780E
630E
171
-87.2
96.0
155.5
59.5
<300 - 8100
7
NA
58.1
356.0

160.5
171.0
10.5
<300 - 700

188.0
189.0
1.0
330 - 410

216.0
218.5
2.5
<300 - 1100

222.5
226.0
3.5
<300 - 900

PLS15-374
R780E
435E
337
-74.0
104.0
141.5
37.5
<300 - 39000
5.9
NA
57.9
275.0

245.0
245.5
0.5
420

PLS15-375
R780E
480E
337
-70.2
75.5
76.0
0.5
410
5.9
56.2 - 56.3
56.3
281.0

86.0
86.5
0.5
670

91.5
143.0
51.5
<300 - 56600

157.0
163.5
6.5
<300 - 3400

209.0
209.5
0.5
430

R1620E Zone (line 1575E - line 1620E):

The R1620E mineralized zone was discovered during the winter 2014 drill program. Hole PLS14-196 tested a moderate radon-in-water anomaly along the PLG-3C EM conductor, which is interpreted to be the extension of the PLG-3B EM conductor. PLS14-196 intersected 28.5 m of uranium mineralization beginning at a depth of 100.0 m down hole which averaged 0.2% U3O8.

The R1620E zone is currently defined by three drill holes, including PLS15-357, with a strike length of 45m. The holes drilled in mineralization at the R1620E occur in graphitic pelitic gneiss and appears associated with the graphitic pelitic gneiss - silicified semi-pelite contact.

PLS15-357 (line 1575E) is drilled 45m west of the R1620E zone. A total composite of 21.0m of weak to locally moderate radioactive mineralization was encountered, thus expending the western boundary of the R1620E a substantial 45m to the west.

Hole
ID
Zone
Collar
* Hand-held Scintillometer Results On Mineralized Drillcore (>300 cps / >0.5M minimum)
Lake
Depth
(m)
Sandstone
From - To
(m)
Basement
Unconformity
Depth
(m)
Total
Drillhole
Depth
(m)

Grid
Line
Az
Dip
From
(m)
To
(m)
Width
(m)
CPS
Peak
Range

PLS15-357
R1620E
1575E
347
-68.5
104.0
114.5
10.5
<300 - 4800
7.1
NA
67.2
330.0

117.0
127.5
10.5
<300 - 980

Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand held RS-121 Scintillometer manufactured by Radiation Solutions, which is capable of discriminating readings to 65,535 cps. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured, and should be used only as a preliminary indication of the presence of radioactive materials. The degree of radioactivity within the mineralized intervals is highly variable and associated with visible pitchblende mineralization. All intersections are down-hole. Individual zone wireframe models constructed from assay data indicate that both the R780E and R00E zones have a complex geometry controlled by and parallel to steeply south-dipping lithological boundaries as well as a preferential sub-horizontal orientation. All depths reported of core interval measurements including radioactivity and mineralization intervals widths are not always representative of true thickness and thus true thicknesses are yet to be determined.

Samples from the drill core will be split in half sections on site. Where possible, samples will be standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK for analysis which includes U3O8 (wt %) and fire assay for gold, while the other half will remain on site for reference. Analysis will include a 63 element ICP-OES, and boron.

PLS Mineralized Trend & Triple R Deposit Summary

Uranium mineralization at PLS has been traced by core drilling over 2.27km of east-west strike length in four separate mineralized "zones". From west to east, these zones are; R600W, R00E, R780E and R1620E.

The discovery hole of what is now referred to as the Triple R uranium deposit was announced on November 05, 2012 with drill hole PLS12-022, from what is considered part of the R00E zone. Through successful exploration programs completed to date, it has evolved into a large, near surface, basement hosted, structurally controlled high-grade uranium deposit.

The Triple R deposit consists of the R00E zone on the western side and the much larger R780E zone further on strike to the east. Within the deposit, the R00E and R780E zones have an overall strike length of approximately 1.2km with the R00E measuring approximately 125m in strike length and the R780E zones measuring approximately 900m in strike length. A 225m gap separates the R00E zone to the west and the R780E zones to the east, though sporadic narrow, weakly mineralized intervals from drill holes within this gap suggest the potential for further significant mineralization in this area. The R780E zones are located beneath Patterson Lake which is approximately six metres deep in the area of the deposit. The entire Triple R deposit is covered by approximately 50 m of overburden.

Mineralization remains open along strike both to the western and eastern extents. Mineralization is both located within and associated with a metasedimentary lithologic corridor, associated with the PL-3B basement Electro-Magnetic (EM) Conductor.

Updated maps and files can be found on the Company's website at http://fissionuranium.com/project/pls/.

Patterson Lake South Property

The 31,039 hectare PLS project is 100% owned and operated by Fission Uranium Corp. PLS is accessible by road with primary access from all-weather Highway 955, which runs north to the former Cluff Lake mine and passes through the nearby UEX-Areva Shea Creek discoveries located 50km to the north, currently under active exploration and development.

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol. President and COO for Fission Uranium Corp., a qualified person.

About Fission Uranium Corp.

Fission Uranium Corp. is a Canadian based resource company specializing in the strategic exploration and development of the Patterson Lake South uranium property - host to the world-class Triple R uranium deposit - and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Exchange under the symbol "FCU" and trade on the OTCQX marketplace in the U.S. under the symbol "FCUUF."

ON BEHALF OF THE BOARD

Ross McElroy, President and COO

Cautionary Statement:

Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission and Fission Uranium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Fission Uranium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.

FOR FURTHER INFORMATION PLEASE CONTACT:

 Contact Information: 
Fission Uranium Corp.
Rich Matthews
Investor Relations
TF: 877-868-8140
rich@fissionuranium.com
www.fissionuranium.com

anono selling us down on Friday's close:

15:59:56
1.25
200
Scotia Capital Inc.
Other

15:59:56
1.25
100
Merrill Lynch Canada Inc.
Other

15:59:56
1.25
5,000
TD Securities Inc.
Other

15:59:49
1.28
9,000
Other
RBC Capital Markets

15:59:49
1.28
4,000
Other
Scotia Capital Inc.

15:59:49
1.28
10,000
Other
JitneyTrade Inc.

15:59:49
1.28
10,000
Other
Scotia Capital Inc.

15:59:49
1.28
2,400
Other
RBC Capital Markets

15:59:05
1.27
100
Other
Newedge Canada Inc.

15:58:50
1.27
8,800
Other
Other

Novo Announces Results From 121 New Shallow Drill Holes

http://www.baystreet.ca/viewarticle.aspx?id=426355

Bingo, I agree demand will increase certainly from the USA consumer ( and industry if in fact things are really picking up). Americans will now travel more and shop more and while they're out they'll drive their pick up trucks at 80 mph+ on the interstate. We just need better types of employment and wage increases for those on the bubble. US gov't should tell the Saudis to F off as the US will supply their incremental needs they don't get from non terrist countries. Saudis need to quit supporting the radicals, this world is getting F'n nuts.

Based on $3.00, yield now 10% which is ok by me. The stock should now stabilize and I believe has very good upside once oil demand picks up with the growing US economy.

Surge Energy Inc. exceeds 2014 exit rate; announces capital program for first half of 2015; reduces dividend

CALGARY, Jan. 7, 2015 /CNW/ - Surge Energy Inc. ("Surge" or "the Company") announced today that, until such time as the Company receives tangible clarity with respect to world oil prices, Surge's management and Board are adopting a very conservative capital spending program for the first half of 2015, which is designed to protect both the Company's net asset value ("NAV"), and Surge's balance sheet. This conservative capital expenditure program in the first half of 2015, however, will still allow the Company to deliver average daily production more than 27 percent higher than the first half of 2014, pay debt down aggressively, and pay Surge's dividend.

Given the extreme volatility, significant downward pressure, and uncertainty relating to world crude oil prices, Surge's management and Board have decided to project capital spending only until July 1, 2015, at which time Surge will reassess the current environment, and provide a capital spending program for the second half of 2015.

Surge's management and Board assesses market conditions on a weekly and monthly basis with respect to protecting the Company's balance sheet, weighing the efficacy of capital expenditures, and assessing the appropriate level of the Company's dividend. In this regard, until such time as Surge's management and Board see a sustainable recovery in world crude oil prices, Surge is immediately reducing the Company's dividend from $0.60 per share per year ($0.05 per share per month) to $0.30 per share per year ($0.025 per share per month). Accordingly, the Company anticipates its January 2015 dividend, payable in February 2015, shall be $0.025 per share.

Macro Outlook for 2015

In spite of fairly balanced supply/demand data, crude oil prices have dropped precipitously from US $106 WTI per barrel in June of 2014, to below $48 WTI per barrel in early January of 2015.

The US IEA estimates world oil demand at record highs in 2015, at more than 93.3 million barrels per day, which is up from 77 million barrels of world oil demand in 2001. On this basis, the IEA also estimates that world crude oil demand will grow by 900,000 barrels per day in 2015 over 2014. Furthermore, the largest user of crude in the world is the United States - at over 20 million barrels per day of demand - an economy which is now in an expansionary growth mode.

OPEC is producing at close to full capacity at over 30 million barrels of oil per day. Excess oil supply in the world has been repeatedly estimated to be as little as 1.5-2.0 million barrels per day. In addition, numerous analysts and commentators have projected that world oil demand will be as high as 111 million barrels per day by 2040. An additional factor for consideration is that there is significant geo-political risk present in a number of oil producing regions in the world.

Furthermore, at the November 2014 meeting, OPEC members chose not to pursue a cut to their production quotas. A number of analysts and commentators have taken the position that the US, at over 9 million barrels per day of production, is challenging OPEC (and Saudi Arabia) for the role as the "swing" producer in world oil markets.

Significant production growth rates from a number of US shale plays, including the Permian, Eagleford and Bakken plays have pushed US crude oil production to record levels. Wells drilled on these plays, however, are known to have high drilling costs and very high declines in the first several years of production. Many analysts and commentators have written that a large number of US shale plays do not generate economic rates of return below US $75 WTI per barrel pricing.

With crude oil prices now dropping below US $48 WTI per barrel, capital expenditures relating to drilling for crude oil reserves and production are being aggressively reduced world-wide – by virtually ALL producers.

Against the backdrop of this fairly balanced supply/demand situation, Saudi Arabia has also chosen to start reducing the price for its crude oil to Asian customers, driving world crude oil prices down further. Numerous OPEC members, however, have repeatedly stated that they need Brent pricing of $100 per barrel or greater to fund their economies and social programs.

Historically, a number of analysts have noted that crude oil price declines of greater than 30 percent have an average length of six months from peak to bottom, and they result in a price decrease of 48 percent per barrel. This is the sixth drop in WTI crude oil prices of greater than 30 percent since 1997. In the present case, WTI crude oil prices peaked at $106 per barrel in June of 2014.

Given the macro supply/demand picture discussed above, and the significant volatility, uncertainty, and downward pressure regarding world crude oil prices, Surge's management and Board have chosen a very conservative capital spending program for the first half of 2015.

This program will allow the Company to deliver average daily production more than 27 percent higher than the first half of 2014 (at US $58 WTI per barrel pricing), pay down debt aggressively, and pay Surge's dividend.

On or before July 1^st, 2015, Surge's management and Board will reassess the current environment and will provide a capital spending program for the second half of 2015. In addition, Surge's management and Board will continue to assess market conditions on a weekly and monthly basis with respect to protecting the Company's balance sheet, weighing the efficacy of capital expenditures, and assessing the appropriate level of the Company's dividend. In this regard, until such time as Surge's management and Board see a sustainable recovery in world crude oil prices, Surge is immediately reducing the Company's dividend from $0.60 per share per year ($0.05 per share per month) to $0.30 per share per year ($0.025 per share per month). Accordingly, the Company anticipates its January 2015 dividend, payable in February 2015, shall be $0.025 per share.

2014 Fourth Quarter Operations – Excellent Drilling Results Continue

Today, as a high quality, growth and dividend paying light oil company, Surge has:

• Over 2 billion barrels of original oil in place ("OOIP"[1]) under its ownership and management;


• Over 1,000 low risk, development drilling locations;


• A very low base production decline of 21.6 percent;


• Excellent drilling production efficiencies;


• High netbacks per boe which continue to be resilient at current prices;


• A balance sheet with significant unutilized credit availability on its bank lines;


• An ongoing risk management program designed to protect cash flows (current mark to market for Surge's crude oil and natural gas hedges is over $40 million);


• A very long reserve life of over 15 years; and


• A suite of excellent waterflood projects.

Based on better than anticipated development drilling results at Surge's core areas of Shaunavon, Midale, Central Alberta (Sparky), and NW Alberta, combined with two smaller core area top-up acquisitions, Surge has exceeded the Company's 2014 production exit rate target of 21,350 boepd (85 percent oil).

In the fourth quarter, Surge experienced some of the best drilling results in the Company's history, drilling 11.3 net wells with 100 percent success rate.

Upper Shaunavon –Development and Step Out Drilling Success

At Shaunavon in SW Saskatchewan, during the fourth quarter Surge successfully drilled and brought on production five net Upper Shaunavon oil wells. Four of the wells were development wells offsetting existing production established earlier in 2014. These wells all averaged over 200 bopd during their best initial 30 day production period. Excitingly for Surge shareholders, the fifth well was a step out well to evaluate the potential of another significant Upper Shaunavon trend identified by Surge. This well is currently producing at over 210 bopd. Surge is very pleased with this result and the additional Upper Shaunavon potential it confirms.

Pinto/Northgate- Midale Trend

In the Pinto/Northgate area of SE Sakatchewan, Surge successfully fracced two (100 percent WI) Midale wells during the fourth quarter. The best 30 day initial production from each of the wells averaged over 160 bopd. At Northgate, Surge also participated as to a 30 percent WI with a joint operator in another Midale well, which was fracced and brought on production in December.

Eyehill/Wainwright-Sparky Trend

At Eyehill, during the fourth quarter Surge successfully fracced and brought on production a Sparky step out well. The well initially produced at a high gas /oil ratio, and it was necessary to tie the well in to existing infrastructure in order to conserve the solution gas. The well is now producing and cleaning up the initial frac treatment load fluid.

The initial waterflood injection well at Eyehill, also commenced injection in the fourth quarter. Surge is encouraged with its injectivity and is monitoring the offset 200 m and 400 m producing wells for a waterflood response.

At Wainwright, during the fourth quarter Surge continued to evaluate and optimize the 16-23-004-05W4 Sparky horizontal oil well brought on production early in the quarter. The well is producing on type-curve at over 100 boepd.

Nipisi

At Nipisi, in Northwest Alberta, Surge successfully drilled, fracced and brought on production a horizontal, Slave Point oil well which directly offsets the most recently converted water flood injection well. Surge was very encouraged by the reservoir quality encountered during the drilling of the well and its initial formation pressure. The well was brought on production in mid- December and is currently recovering load fluid, and cleaning up. Surge is very encouraged by the inflow exhibited by the well.

Valhalla-Doig

At Valhalla in Northwest Alberta, Surge drilled and cased a Doig horizontal development well at 5-07-075-08W6. The well encountered 1,035 m of well developed, excellent Doig reservoir. The well is scheduled to be fracced immediately in 2015.

During the fourth quarter, Surge acquired a high quality, large OOIP, operated, low decline, producing, light oil property immediately north of its existing Valhalla Doig light oil pool. The acquisition also included a working interest in an existing, sweet, natural gas plant which is capable of processing associated gas volumes from the north end of Surge's Doig oil pool. This strategic acquisition results in increased solution gas production reliability, and reduced processing costs for Surge's Doig pool.

Manson-Bakken/Torquay

At Manson, during the fourth quarter Surge converted another horizontal Bakken well to water injection in section 12, with a response expected in the second quarter of 2015.

Surge Capex Program First Half of 2015

With a net asset value ("NAV") of $8.25 per share (based on 2014 Sproule pricing) Surge will, in all likelihood, see a reduction in the Company's NAV per share based on a decline in Sproule's 2015 crude oil price forecast. The significant drop in the Canadian dollar, however, will provide a meaningful increase to Sproule's new 2015 crude oil price forecast in Canadian dollar terms. In addition, the Company has experienced excellent drilling reserve additions in 2014 at Shaunavon, Midale, East Central Alberta (Sparky), Valhalla, and Nipisi, together with excellent waterflood results at Nipisi, Manson, Wainwright and Silver.

On this basis, Surge anticipates that the Company's NAV for January 1, 2015 will be significantly above the current trading price of Surge's common shares. Consequently, in the present environment, Surge's management and Board view their primary responsibilities to be the protection of the Company's NAV, balance sheet and dividend.

As a result of Surge's excellent fourth quarter drilling results in 2014, discussed above; for the first half of 2015, Surge management is now projecting:

• Capital spending of $22 million – including the drilling of 3.8 net wells;


• Average daily production of over 20,000 boepd, which is more than 27 percent higher than the first half of 2014;


• Debt reduction of $33 million at US$58 WTI per barrel pricing; and


• An all-in sustainability ratio of 65 percent at US$58 WTI per barrel pricing. (85 percent all-in sustainability ratio at strip pricing).

Surge is in a strong position where approximately 35 percent of the Company's net crude oil production is locked in at over C$100 per barrel until July of 2015. If crude oil prices continue to fall, Surge has the option to liquidate its crude oil and natural gas hedge positions and reduce debt; these hedge positions are now more than $40 million in the money. Surge's ongoing strategic hedging program is designed to protect and lock in a significant portion of the Company's cash flow for capital expenditures and payment of the Company's dividend.

A large ancillary benefit of management's conservative first half capital program is that Surge's corporate decline drops to below 21 percent by July 1, 2015, which is one of the best in its peer group, and further strengthens the Company's position as a dividend paying company.

Outlook – Strategically Positioned For A Recovery in Oil Prices

The oil industry involves a 93 million barrel per day declining commodity – which is a global economic necessity.

As previously stated, the present market for crude oil is now reasonably balanced. OPEC is producing at close to full capacity, and the largest economy in the world, the United States, is in an expansionary growth mode. The recent precipitous drop in world crude oil prices is causing a significant world-wide reduction in capital spending for crude oil reserves and production. This will ensure a significant, and swift, supply response downward.

Surge's management team reacted quickly and proactively to falling world crude oil prices - reducing drilling capital spending in the fourth quarter of 2014 several weeks BEFORE the November 27, 2014 OPEC meeting.

Surge's high quality, asset and opportunity base are outperforming management's expectations. The Company's conventional low decline, high netback, large OOIP reservoirs deliver solid, stable cash flow ­well below US $48 WTI per barrel.

The Company's top tier drilling production efficiency costs at Shaunavon, Midale, Valhalla, and Sparky are each less than $19,000 per flowing boepd.

Surge has 1,000 low risk development drilling locations for light and medium gravity crude oil. Of these, however, over 425 net are high quality, type "A" (non-infill) locations. This provides significant low risk upside of over 35,000 bopd that Surge shareholders will realize over the coming months and years.

As discussed above, Surge's management and Board will continue to assess market conditions on a weekly and monthly basis with respect to protecting the Company's balance sheet, weighing the efficacy of capital expenditures, and assessing the appropriate level of the Company's dividend.

Corporate Governance

The Board of Directors of Surge ("Board") fully complies with the existing corporate governance guidelines for Canadian issuers and remains committed to further enhancing it's corporate governance practices. As such Mr. Paul Colborne, President and CEO of Surge has stepped down as Chairman of the Board of Surge, and Mr. Jim Pasieka has assumed the role as Chairman of the Board.

In addition, Mr. Murray Smith has replaced Mr. Pasieka as Chairman of the Compensation Committee, and Mr. Daryl Gilbert has joined the Compensation Committee. Mr. Pasieka has resigned from the Compensation Committee.

The Board also announced today that Mr. Rob Leach has become Lead Director in a situation where Mr. Pasieka is conflicted. All of these corporate governance enhancements will be implemented immediately.

FORWARD LOOKING STATEMENTS:

This press release contains forward-looking statements. More particularly, this press release contains statements concerning Surge's expectations regarding its average daily production; the impact of the commodity pricing; its balance sheet, ability to reduce debt; bank line availability; its capital spending program for 2015 and ability to be flexible in its capital budgeting over the course of 2015; forecast decline rates; reserve life; drilling inventory; drilling and development plans and enhanced recovery projects and the timing and results to be expected thereof; net-asset-value and net-asset-value/share; netbacks; the Company's declared focus and primary goals;; anticipated services cost savings and other cost reduction initiatives; the ability of the Company to weather the present commodity price environment; the Company's ability to liquidate hedge positions; the reduction in the Company's dividend to $0.30 per share per year; and the timing, amount and sustainability of future dividend payments.

The forward-looking statements are based on certain key expectations and assumptions made by Surge, including expectations and assumptions concerning the performance of existing wells and success obtained in drilling new wells, anticipated expenses, cash flow and capital expenditures, the application of regulatory and royalty regimes, prevailing commodity prices and economic conditions, worldwide supply and demand for oil and natural gas; development and completion activities, the performance of new wells, the successful implementation of waterflood programs, the availability of and performance of facilities and pipelines, the geological characteristics of Surge's properties, the successful application of drilling, completion and seismic technology, prevailing weather conditions, exchange rates, licensing requirements, the successful completion of the disposition transactions, the impact of completed facilities on operating costs and the availability, costs of capital, labour and services, the creditworthiness of industry partners and the approval of the lenders under Surge's bank line.

Although Surge believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Surge can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and constraint in the availability of services, adverse weather or break-up conditions, uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures or failure to obtain required approvals from the lenders under Surge's bank line to increases thereto. Certain of these risks are set out in more detail in Surge's Annual Information Form dated March 19, 2014 which has been filed on SEDAR and can be accessed at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and Surge undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Note: Boe means barrel of oil equivalent on the basis of 1 boe to 6,000 cubic feet of natural gas. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Boe/d means barrel of oil equivalent per day.

Test Results and Initial Production Rates

Any references in this news release to initial, early and/or test production/performance rates are useful in confirming the presence of hydrocarbons, however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter. While encouraging, readers are cautioned not to place reliance on such rates in calculating aggregate production. The initial production rate may be estimated based on other third party estimates or limited data available at this time. Initial production or test rates are not necessarily indicative of long-term performance of the relevant well or fields or of ultimate recovery of hydrocarbons.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.