SOLANA BEACH, Calif., Aug. 22, 2008 (GLOBE NEWSWIRE) -- Surge Global Energy, Inc. (OTCBB:SRGG) announces that it has acquired, at a cost of approximately $500,000, two leases totaling approximately 2,500 acres in northern Nevada to drill for oil from Tetuan Resources, Corp. Surge has agreed to drill an initial test well on the Green Valley prospect prior to August 1, 2009 to a maximum depth of approximately 4,500 feet. Surge owns a 100% working interest in the initial well until payout, at which point Tetuan will back into a 15% working interest. Surge will own an 85% working interest in subsequent wells. Surge plans on drilling the initial test well within 120 to 150 days.
"The Green Valley prospect is the first of several oil and gas drilling prospects that Surge is looking to acquire and drill. Green Valley is on trend and has similar geology to the highly successful Grant Canyon field that produced over 20 million barrels of oil. Surge will utilize existing cash on hand to fund drilling operations," stated E. Jamie Schloss, CEO.
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