HOUSTON, April 24, 2023 - Surge Energy US Holdings Company ("Surge Energy" or the "Company") announces upgraded credit ratings from S&P Global Ratings ("S&P") to Moss Creek Resources Holdings, Inc. ("Moss Creek"), a subsidiary of Surge Energy and issuer of the Company's Senior Unsecured Notes ("Senior Notes").

As announced by S&P, the issuer credit rating on Moss Creek was upgraded to 'B' from 'B-'. The issue-level ratings on the Company's unsecured notes were also upgraded to 'B+' from 'B'.

"We believe this ratings action by S&P demonstrates the quality of our assets, our commitment to a disciplined financial strategy, and the strong performance by the Surge team to deliver on our promises," stated Chief Executive Officer Linhua Guan.

About Surge Energy

Surge Energy is an independent oil and natural gas company focused on the development, exploitation, production and acquisition of oil and natural gas reserves in the Midland Basin of West Texas, one of three primary sub-basins of the Permian Basin. The Company is headquartered in Houston, Texas, and currently holds approximately 161,000 net acres in the Permian Basin as of year-end 2022. For more information, visit our website at www.SurgeEnergyA.com.

Contact Information

Investor Relations
Email: InvestorRelations@SurgeEnergyA.com
Phone: 832-333-2400

SOURCE Surge Energy