Peace Oil Corp. Reports Positive Results of 7 Well Evaluation Program On Oil Sands Leases in Athabasca and Peace River


SAN DIEGO, Jan. 24, 2007 (PRIME NEWSWIRE) -- Surge Global Energy, Inc. (OTCBB:SRGG), recently announced acquisition candidate Peace Oil Corp. ("Peace Oil"), which holds a 30% undivided working interest in 86,400 acres of prospective oil sands leases within the Peace River and Athabasca Oil Sands areas located in north-central Alberta (The Red Earth Spinnaker property), today reported the results from its initial exploration program.

During the period between August and December 2006, Peace Oil and its partner drilled, cored and logged seven (7) Oil Sands evaluation wells in the Spirit River/Bluesky formations. Six (6) of the evaluation wells were drilled to evaluate the Bluesky formation and the seventh was drilled to evaluate the Spirit River group. The seven (7) evaluation wells, drilled to date, cover approximately 3,840 acres of the 86,400 acres encompassing the Spinnaker property.

"We are extremely pleased with our drilling results to date," said Dale Fisher, President of Peace Oil. "Our seven-well coring program during the last five months achieved a 100 percent success ratio, with all seven wells intercepting the bitumen-bearing Spirit River or Bluesky formations with thicknesses ranging from 8 metres (26 ft.) to 20 metres (65 ft.) in the Bluesky. We have only begun to explore this property and based on results to date, we plan to undertake further evaluation drilling this coming year to more fully explore the potential of the property."

During May 2006, Sproule Associates Limited, a respected third-party engineering firm, prepared an evaluation on Peace Oil's work program and the Spinnaker property. The report estimated that the Oil Sands leases constituting the Spinnaker property contain resource potential up to 2.5 billion barrels of Original Bitumen in Place (OBIP) based on Swanson's Mean. (Note:earlier press releases indicated a P90 estimate of 2.0 billion barrels of OBIP).

"Based on results to date, we have a high level of confidence in the continuity and quality of this resource, " said Mr. Jeff Cairns, P.Eng. COO of Peace Oil. "Core and fluid data analysis undertaken during the last five months gives us strong encouragement that the portion of the property evaluated to date will make an excellent area to initiate and further advance an in situ development project."

During the next phase of its plan of development, Peace Oil and its partner plan to undertake a comprehensive seismic survey program and drill additional evaluation wells to further explore the property.

A management update of Surge and Peace Oil's exploration activities in Alberta is planned for a shareholder conference call on February 5, 2007, at 8:00 a.m. Pacific time. Please visit our website later this week for teleconference details.

About Surge Global Energy, Inc.

Surge Global Energy, Inc., located in San Diego, California, is on a quest to aggregate and exploit one billion (net) barrels of OBIP of oil sands properties in the Peace River and Athabasca regions of Alberta Canada. For more information on the company please visit http://www.SurgeGlobalEnergy.com.

The Surge Global Energy, Inc. logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2471

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include the statements regarding the Company's expectations, hopes or intentions regarding the future, including, but not limited to, general economic conditions, market and business conditions; potential production and industry capacity and estimates. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. Those risks and uncertainties include the possibility that Signet, Cold Flow and/or Peace Oil will not determine it is feasible to drill production wells in Alberta, Canada or that if they do drill, it will not discover oil or gas in the quantities the Company currently anticipates. Other risks and uncertainties of the Company's business could cause actual results to differ and are discussed under the heading "Risk Factors" and in other sections of the Company's SB-2 filed with the SEC on December 20, 2006, the Company's Form 10-K for the 2005 fiscal year and in the Company's other periodic reports filed from time to time with the SEC. All forward-looking statements in this document are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statements.



            

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