January 3, 2024 – Surge Energy US Holdings Company (“Surge” or the “Company”) announces both the
Company’s two outstanding issuances of Senior Notes significantly outperformed the High Yield Bond
Market for the third consecutive year from 2021 through 2023.

The Company’s two bond issuances, Senior Notes due 2026 and Senior Notes due 2027 delivered total
returns of approximately 18% and 19% respectively in 2023. These returns outperformed the ICE BofA US
High Yield Bond Index by approximately 700 and 800 basis points respectively in 2023.

Additionally, in 2021 and 2022 both of the Company’s bonds outperformed the ICE BofA US High Yield
Bond Index by 2,600 and 3,100 basis points in 2021 and 1,400 and 1,600 basis points in 2022.

“Surge’s bonds continue to deliver strong total returns for our bondholders and well above the US High
Yield Index,” stated Surge’s Chief Executive Officer Linhua Guan. “As demonstrated through the bonds
returns over the past three years, we continue to believe our bonds provide a compelling investment
opportunity for investors.”

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

For Surge:
Travis Guidry
Vice President of Corporate Development & Investor Relations
Email: TGuidry@surgeenergya.com
Phone: 832-333-2339

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