SOLANA BEACH Calif., Aug. 15, 2008 (PRIME NEWSWIRE) -- Surge Global Energy, Inc. (OTCBB:SRGG) posted second quarter net income available to common shareholders of $3.4 million, or 10 cents a share, compared with a restated loss of $4.6 million, or 16 cents a share, for the same quarter in 2007. This year's June quarter included a gain on the sale of its Peace Oil subsidiary of $3.7 million reflecting the elimination of prior periods' tax liabilities. Excluding the gain, Surge Global would have posted a loss available to common shareholders of $0.3 million.
For the six months ended June 30, 2008 Surge had net income available to common shareholders of $3.4 million or 10 cents per share versus a restated 2007 six month's loss of $6.2 million, or 16 cents per share.
"The repurchase of 3.6 million common shares and 10.4 million common share equivalents during the second quarter, combined with the sale of Peace Oil Corp. and the elimination of prior year's income tax accruals, increased our shareholders' equity to $8.8 million or 25 cents per share on a fully diluted basis. Surge Global Energy is now positioned to commence locating and developing new oil and gas prospects, and deploying our assets into new ventures," stated E. Jamie Schloss CEO.
Additionally, on August 1, 2008, Surge Global filed a counterclaim in San Diego Superior Court against its former CEO, David Perez, and a former board member, Daniel Schreiber, alleging Breach of Fiduciary Duty, Breach of Contract, Fraud, Conspiracy and a Claim for Injunctive Relief.
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