07:14 AM EST, 03/06/2025 (MT Newswires) -- Surge Energy (SGY.TO) overnight Wednesday said its fourth-quarter net loss narrowed by 91% while revenue dipped slightly.

The company reported a net loss of $2.7 million, or $0.03 per diluted share compared with the prior year period's loss of $29.7 million, or $0.29 per diluted share. The smaller loss was partly due to lower expenses, including capital expenditure.

Revenue fell 3% to $163 million on lower natural gas sales and crude oil prices, the company said.

Surge achieved an average production of 24,319 barrels of oil equivalent per day (boepd), exceeding its 2024 exit production guidance of 24,000 boepd.

During the first half of 2025, Surge will continue a drilling program in the Sparky and southeast Saskatchewan core areas, with 17.2 net wells budgeted to be drilled.

The company also estimates 2025 average production of 22,500 boepd, of which 91% liquids.