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jili lodibet Shares of Ardelyx, Inc. ( NASDAQ:ARDX – Get Free Report ) traded up 4.6% during trading on Friday . The stock traded as high as $5.11 and last traded at $5.03. 4,406,461 shares traded hands during mid-day trading, a decline of 10% from the average session volume of 4,877,309 shares. The stock had previously closed at $4.81. Analyst Upgrades and Downgrades Several research analysts have weighed in on the company. HC Wainwright downgraded Ardelyx from a “buy” rating to a “neutral” rating and cut their price target for the company from $11.00 to $5.50 in a report on Monday, November 11th. Citigroup reduced their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $10.42. Get Our Latest Research Report on Ardelyx Ardelyx Stock Up 8.3 % Insider Activity In other news, insider David P. Rosenbaum sold 27,172 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were sold at an average price of $5.95, for a total value of $161,673.40. Following the transaction, the insider now owns 153,616 shares of the company’s stock, valued at approximately $914,015.20. This trade represents a 15.03 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link . Also, CFO Justin A. Renz sold 5,260 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total transaction of $25,195.40. Following the sale, the chief financial officer now directly owns 291,139 shares of the company’s stock, valued at approximately $1,394,555.81. This trade represents a 1.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here . Insiders have sold 184,192 shares of company stock valued at $1,013,345 in the last three months. Corporate insiders own 5.90% of the company’s stock. Institutional Investors Weigh In On Ardelyx Several hedge funds have recently modified their holdings of the stock. State Street Corp boosted its holdings in Ardelyx by 1.5% in the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock worth $83,657,000 after acquiring an additional 176,789 shares during the period. Eventide Asset Management LLC lifted its position in shares of Ardelyx by 11.2% during the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after purchasing an additional 746,067 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Ardelyx by 0.3% in the third quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock valued at $37,818,000 after purchasing an additional 17,296 shares during the period. Millennium Management LLC grew its holdings in Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after purchasing an additional 1,883,995 shares in the last quarter. Finally, Rubric Capital Management LP increased its stake in Ardelyx by 68.5% during the 3rd quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after buying an additional 1,243,606 shares during the period. 58.92% of the stock is currently owned by hedge funds and other institutional investors. Ardelyx Company Profile ( Get Free Report ) Ardelyx, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company’s lead product candidate is tenapanor for the treatment of patients with irritable bowel syndrome with constipation. Further Reading Receive News & Ratings for Ardelyx Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ardelyx and related companies with MarketBeat.com's FREE daily email newsletter .Former US President Jimmy Carter dies at 100Repealing no-fault divorce has so far stalled across the US. Some worry that'll changeTop ranked chess player Magnus Carlsen has left the World Rapid and Blitz Chess Championships after refusing to change out of the jeans he wore to the competition, the International Chess Federation said. or signup to continue reading The federation said in a Friday statement that its regulations include a dress code that bars participants from wearing jeans at the event. "The Chief Arbiter informed Mr Carlsen of the breach, issued a $US200 ($A322) fine, and requested that he change his attire," the federation said in the statement posted to its website. "Unfortunately, Mr Carlsen declined, and as a result, he was not paired for round nine. This decision was made impartially and applies equally to all players." The 34-year-old Norwegian chess grandmaster said in a video from his Take Take Take chess app that he posted on the social platform X that he accepted the fine. But he refused to change his pants before quitting the competition in New York. "I said, 'I'll change tomorrow if that's OK," Carlsen said in the video. "But they said, 'Well, you have to change now.' At that point it became a bit of a matter of principle for me." The federation said in its statement that the dress code is "designed to ensure professionalism and fairness for all participants." It said fellow participant Ian Nepomniachtchi was also fined earlier Friday for breaching the dress code by wearing sports shoes. "However, Mr Nepomniachtchi complied, changed into approved attire, and continued to play in the tournament," the statement said. "These rules have been in place for years and are well-known to all participants and are communicated to them ahead of each event." Advertisement Sign up for our newsletter to stay up to date. We care about the protection of your data. Read our . Advertisement

A recent report suggests that 63% of companies now use freelance talent to augment their workforce, and this number is expected to rise. As the gig economy continues to grow, the opportunities for freelance tech professionals have never been more abundant. Embarking on a freelance tech career offers the ultimate trifecta: flexibility, independence, and unlimited earning potential. However, like any field, it also comes with its own unique set of challenges. For those eager to break free from the traditional 9-to-5 grind and forge their path, this article is a comprehensive guide on how to launch a successful freelance tech career, covering essential topics from self-assessment and client acquisition to personal branding and beyond. A freelance career in technology begins with a critical self-assessment of your skills. To identify your strengths, reflect on your technical expertise in software development, web design, data analysis, or IT support . This introspection will help define the services you can offer. Next, research the market demand for your chosen skills to ensure they align with client needs. Utilize platforms like Upwork and Fiverr to gauge client expectations, competitive pricing, and the skills in demand. Doing so, you'll be well-positioned to navigate the competitive landscape and launch a successful freelancing career. A well-crafted portfolio is crucial for showcasing skills and attracting potential clients. It should feature a curated selection of your best work, including case studies and relevant projects demonstrating your capabilities. For those new to freelancing, personal projects or contributions to open-source initiatives can be an excellent way to populate your portfolio. A visually appealing and well-organized portfolio is essential, as it will help you make a strong impression on potential clients. To maximize its persuasive potential, include tangible results and metrics, such as increased website traffic or improved application performance, to demonstrate your value. Freelance platforms are a hub for connecting with clients seeking tech services. Top platforms like Upwork, Fiverr, and Freelancer offer a range of tools to showcase your expertise. By creating a comprehensive profile, complete with a professional photo, compelling bio, and relevant keywords, you can increase your visibility to potential clients. These platforms also enable you to bid on projects, manage contracts, and issue invoices seamlessly. To build a strong reputation, focus on applying for jobs that align with your skill set, starting with smaller projects to gather positive reviews and establish a solid foundation for future growth. Networking is a vital component of a successful freelance career. Leveraging online platforms like LinkedIn , Twitter, and niche communities lets one connect with industry professionals, thought leaders, and potential clients. Participating in specialized groups facilitates the exchange of ideas, fosters learning through Q&A sessions, and helps establish a freelancer as a credible expert in the field. Additionally, attending industry events, conferences, and webinars provides valuable opportunities to meet potential clients, collaborators, and mentors in person. Effective networking can lead to referrals, unadvertised job opportunities, and access to exclusive projects, ultimately helping to accelerate your freelance career. A freelancing career often starts with smaller-scale projects, a vital foundation for growth. These initial assignments enable freelancers to build valuable experience, confidence, and a reputation for delivering high-quality work. By starting small, freelancers can refine their workflow, develop effective communication skills, and better understand client needs. As their portfolio expands and positive feedback accumulates, freelancers can pursue more substantial projects that align with their long-term goals. While taking on smaller projects may involve some risk, it ultimately provides a solid launching pad for a successful freelance career. When submitting a proposal through freelance platforms, reaching out to clients and crafting a tailored pitch is crucial. This personalized approach should highlight how your specific skills can solve the client's problems or enhance their business operations. Rather than simply listing your skills, focus on the value you bring. By clearly understanding the client's needs and showcasing the benefits of your services, you significantly increase your chances of landing the project. A unique and client-centric proposal can make all the difference, setting you apart from competitors and giving you a competitive edge. After securing a project, it's important to establish clear terms and contracts with the client, outlining deliverables, timelines, and payment structures. Agreeing on the payment terms, such as hourly rates or fixed fees, is crucial to avoid potential misunderstandings. A comprehensive contract protects the interests of both freelancers and clients, typically covering the scope of work, payment schedules, confidentiality agreements (if necessary), and other critical terms. This contractual agreement is a vital reference point throughout the project's lifecycle, ensuring a smooth and mutually beneficial collaboration. To be a successful freelance tech professional, it takes time, resilience, and perseverance. You may encounter uninterested clients or work on less-than-ideal projects, but persistence and continuous skill refinement are key. Investing in ongoing education, such as courses or workshops, can help you stay up-to-date on the latest technologies and trends. This not only enhances your service offerings but also makes you a more attractive and competitive entity in the market, increasing your appeal to potential clients. A well-planned freelance tech career can be a highly rewarding and lucrative profession. To succeed, it's important to focus on key strategies: assessing and refining your skills, building a strong portfolio, leveraging freelance platforms, and networking effectively. Starting with small gigs, pitching directly to clients, and establishing clear contract terms will also help pave the way for success. Continuous learning and professional development are crucial in this field. With determination, the right approach, and a commitment to ongoing growth, aspiring freelancers can establish themselves as top professionals in the tech industry.Liverpool's success this season could depend on the futures of their star playersK92 Mining Announces Multiple New Near-Mine Infrastructure Dilatant Zones Identified and High-Grade Zones Extended

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SINGAPORE: It is well-known that Singapore’s 15-year-olds regularly perform among the best in the world in literacy and numeracy tests. What may not be as familiar to most is how Singapore adults perform in similar tests. The Survey of Adult Skills, an international study under the OECD Programme for the International Assessment of Adult Competencies (PIAAC), offers some insight. Singapore took part in both the PIAAC Cycle 1 surveys (conducted between 2011 and 2018) and the recent Cycle 2 survey (2022 to 2023) whose results have just been released. The results of the PIAAC study show that Singapore is closing the gap with the OECD average in literacy, and moving into the top third of participating countries in numeracy. This largely reflects Singapore’s improving education profile as younger cohorts with higher skills enter the workforce and older cohorts with relatively lower proficiency retire. Given that many older Singaporeans did not have the educational opportunities that our young today enjoy, it’s not surprising that our adults do not perform as well relative to their international peers. ADULT LITERACY A CONCERN What is somewhat surprising is the decline in literacy proficiency as people get older, a trend seen in most participating countries including Singapore. While Singapore bucked the trend of declining overall literacy scores experienced by most countries between the first and second rounds of the PIAAC study, its literacy scores fell between the two cycles for both lower-educated and more highly educated adults. In addition, the gap between the different educational groups in Singapore was larger than in most other countries. This has implications for the competitiveness of Singapore’s workforce and economy, particularly given the importance of human capital to our economy. Adult literacy, along with numeracy, is an essential foundation for the acquisition of further knowledge and skills, and hence key to workers staying employable, especially as technology rapidly changes. Adults with higher literacy proficiency generally have better job opportunities, even after accounting for educational attainment. These findings highlight the importance of investing in adult education and training. In Singapore, the drop in literacy proficiency seems to start early at 27 to 34 years old. The decline among respondents in this age bracket and the next is concerning, as these span the prime working ages where workers are expected to make significant contributions to the economy and society. It suggests that people of all ages, even those in the early stages of their careers, need to continue learning and using their skills to maintain proficiency. Fortunately, the decline in literacy with age does not appear to be inevitable, given that two participating countries, Denmark and Sweden, did not experience significant loss in proficiency among adults up to age 65. IMPLICATIONS FOR LEARNING AT SCHOOL, WORK AND HOME The PIAAC findings on literacy and numeracy can help inform Singapore’s approach to education and training. It’s important to recognise that learning is a lifelong process, starting from childhood through to adulthood. Building a strong foundation during the schooling years is key, with an emphasis on cultivating a love for learning and growth mindsets that will enable continual learning through life. SkillsFuture programmes should continue to reinforce these foundational skills, in addition to providing job-ready, industry relevant training. While the SkillsFuture Mid-Career Enhanced Subsidy and the new SkillsFuture Level-Up Programme are targeted at mature workers aged 40 and above, the PIAAC findings on early age decline in literacy suggest that younger workers may need attention too. A study by Kyrolainen and Kuperman (2021) found that while formal education was the strongest predictor of PIAAC literacy scores in all countries, another significant factor was the amount of reading people engaged in at work and at home. Employers should think about how to strengthen their workers’ foundational skills by curating purposeful learning opportunities such as projects, workshops or innovation challenges. Beyond formal training, employers could also come up with creative ways to make learning fun, such as through games or quizzes. Some organisations have a monthly book club gathering where staff members can discuss thought-provoking books. Besides fostering social interaction, such events also help encourage and sustain literacy among employees. Initiatives such as the National Reading Movement spearheaded by the National Library Board, along with events like the annual Singapore Writers Festival, could also help build a culture of reading and literary engagement in Singapore. A significant predictor of PIAAC literacy scores identified by Kyrolainen and Kuperman was family influence – proxied by the number of books in one’s childhood household - suggesting that a love for literature can be passed from one generation to the next. As an advanced economy with an excellent education system, Singapore should set its sights on becoming one of the world’s most literate societies in the near future. This can be realised through a concerted effort by all stakeholders, recognising what is at stake. Terence Ho is Associate Professor in Practice at the Lee Kuan Yew School of Public Policy. He is the author of Future-Ready Governance: Perspectives on Singapore and the World (2024).PPP celebrates 57th Foundation Day with Festive cake cutting ceremony

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RJ Thompson scored 23 points -- including the go-ahead 3-pointer with 56 seconds left -- as Charleston Southern shocked host Miami 83-79 on Saturday afternoon. Miami entered the game as a 23.5-point favorite. Charleston (2-7) won its first game of the season away from home after losing its previous six road or neutral-court contests. The Buccaneers also got 21 points from Thompson Camara and 20 points and 11 rebounds from Taje' Kelly. Camara match his previous career point total. Miami (3-4), playing at home for the first time in two weeks, lost its fourth straight game. Brandon Johnson led Miami with 23 points and freshman Austin Swartz scored a career-high 15. Swartz entered the game averaging just 2.3 points For the first time this season, Miami was without Nijel Pack, who has a lower-body injury. Pack leads the team in scoring (15.2) and assists (4.7). With Pack out, five-star freshman Jalil Bethea made his first start and had six points. The game featured quite a contrast in coaches. Miami's Jim Larranaga, 75, has won 743 games in 41-plus seasons. Charleston Southern's Saah Nimley, 31, is in his full first season as a head coach. He was named interim coach in November 2023. In the first half, Miami raced to a 17-10 lead. However, Charleston Southern posted an 11-0 run to grab a 21-17 advantage. The Hurricanes lost control late in the first half as Miami's Johnson hit a 3-pointer and was hit with a technical foul for taunting. Later in the first half, Larranaga was also hit with a technical. By the end of the half, the Buccaneers led 45-37. Camara led Charleston Southern with 16 first-half points on 6-for-7 shooting, including 4-of-5 on 3-pointers. Johnson scored 12 for Miami in the opening half, all on 3-pointers. In the second half, Charleston Southern stretched its lead to 13. Miami rallied as the clock wound down. With 38 seconds left, Miami called a timeout while trailing 81-79. With 15 seconds left, Swartz missed a 3-pointer and the Buccaneers got the rebound. Daylen Berry made two free throws with 11 seconds left to ice the game. Up next, Miami will host No. 19 Arkansas on Tuesday night as part of the ACC/SEC Challenge. Charleston Southern will return home to face Tennessee-Martin on Tuesday night. --Field Level Media

Justin Trudeau had an "excellent conversation" with Donald Trump at the president-elect's Florida estate, Canada's prime minister said Saturday, as the United States' neighbors scramble to blunt the impact of Trump's trade threats. Trudeau flew for a dinner at Mar-a-Lago on Friday, after Trump earlier this week announced plans for import tariffs against Canada and Mexico and rival China. "It was an excellent conversation," Trudeau told reporters Saturday morning as he was leaving a hotel in West Palm Beach to catch a flight back to Canada. Trudeau was the latest high-profile guest of Trump, whose impending second term -- which starts in January -- is already overshadowing the last few months of President Joe Biden's administration. A photograph released by Pennsylvania Senator-elect David McCormick showed Trump and Trudeau side-by-side at table, surrounded by a dozen guests including Howard Lutnick, Donald Trump's pick for commerce secretary, and Mike Waltz, his choice for national security advisor. In a social media post on Monday, Trump said he would slap a 25 percent tariff on Mexico and Canada, accusing the two US neighbors of allowing an "invasion" of the United States by illicit drugs, namely fentanyl, and undocumented migrants. Mexican President Claudia Sheinbaum spoke with Trump by phone on Wednesday, though the two leaders' accounts of the conversation differed drastically. Trump claimed that Mexico's left-wing president had "agreed to stop migration through Mexico, and into the United States, effectively closing our Southern Border." Sheinbaum later said she had discussed US-supported anti-migration policies that have long been in place in Mexico. She said that after that, the talks had no longer revolved around the threat of tariff hikes, downplaying the risk of a trade war. Billions in trade Biden warned that same day that Trump's tariff threats could "screw up" Washington's relationships with Ottawa and Mexico City. "I think it's a counterproductive thing to do," Biden told reporters. For Canada, the stakes of any new tariffs are high. More than three-quarters of Canadian exports, or Can$592.7 billion ($423 billion), went to the United States last year, and nearly two million Canadian jobs are dependent on trade. A Canadian government source told AFP that Canada is considering possible retaliatory tariffs against the United States. Some analysts have suggested Trump's tariff threat may be bluster, or an opening salvo in future trade negotiations. But Trudeau rejected those views when he spoke with reporters earlier in Prince Edward Island province. "Donald Trump, when he makes statements like that, he plans on carrying them out," Trudeau said. "There's no question about it." (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) Track Latest News Live on NDTV.com and get news updates from India and around the world

WASHINGTON (AP) — President Joe Biden's decision to break his word and pardon his son Hunter has spurred a broader discussion about what else he should be doing with the broad clemency powers of the presidency before he leaves office in January, including whether he should be pardoning Donald Trump. Biden on Tuesday ducked questions about his son, ignoring calls for him to explain his reversal as he was making his first presidential trip to Angola . He dismissed shouted questions about the matter with a laugh during a meeting with Angolan President João Lourenço at the presidential palace, telling the Angolan delegation: “Welcome to America.” Biden was not scheduled to take questions from the press during his trip to Africa, and he has largely avoided interactions with reporters since President-elect Trump’s victory last month. Biden’s decision to offer his son a blanket pardon for actions over the past 11 years has sparked a political uproar in Washington, after the president repeatedly had said he would not use his extraordinary powers for the benefit of his family. Biden claimed that the Justice Department had presided over a “miscarriage of justice” in prosecuting his son, using some of the same language that Trump uses to describe his own legal predicaments. Biden's reversal drew criticism from many Democrats , who are working to calibrate their approach to Trump as he prepares to take over the Oval Office in seven weeks. There is concern the pardon — and Biden's claims that his son was prosecuted for political reasons — will erode their ability to push back on the incoming president’s legal moves. And it has threatened to cloud Biden's legacy as he prepares to leave office on Jan. 20. Hunter Biden is the closest presidential relative ever to be granted clemency, but other leaders have pardoned family members and close friends. Bill Clinton pardoned his brother Roger for drug charges after Roger Clinton had served his sentence. By the time Trump left office after his first term, he had issued 144 pardons, which included Charles Kushner , the father of his son-in law, Jared Kushner. He also pardoned fervent supporters Steve Bannon, Roger Stone, Paul Manafort, Michael Flynn and other people convicted in special counsel Robert Mueller’s Russia investigation. In the months after the 2020 election, Trump and his allies were trying to overturn his loss, a failed effort that culminated in the violent riot by his supporters at the Capitol on Jan. 6, 2021. There were discussions at the time over whether Trump would preemptively pardon some of those involved in the effort — and maybe even himself — before he left office. But that never happened. Now, Democrats are having similar discussions about preemptive pardons on their side because of Trump's rhetoric on the campaign trail. He's made no secret of his desire to seek revenge on those who prosecuted him or crossed him. He talks about "enemies from within." He's circulated social media posts that call for the jailing of Biden, Vice President Kamala Harris, former Vice President Mike Pence and Sens. Mitch McConnell and Chuck Schumer. He's also taken aim at Liz Cheney, a conservative Republican who campaigned for Harris, promoting a social media post that suggested he wanted military tribunals to punish her because she was guilty of treason. Sen. Ed Markey, a Massachusetts Democrat, said last week on Boston Public Radio that Biden might consider broad pardons to protect people against whatever wrath Trump may seek, but also as a way to move the country past this acrimonious and divided time. “I think that without question, Trump is going to try to act in a dictatorial way, in a fascistic way, in a revengeful first year at least of his administration toward individuals who he believes harmed him,” Markey said. Presidents enjoy expansive pardon powers when it comes to federal crimes . That includes granting clemency to people who have not yet been charged, as President Gerald Ford did in 1974 when he pardoned his predecessor, Richard Nixon, over the Watergate scandal. The decision at the time caused an uproar but has been seen in the ensuing decades as a move that helped restore order. Markey cited Ford's pardon as a way for the country “just to close that chapter and move on to a new era.” Biden could do the same, Markey said, to help the country move on “to an agenda that deals with the ordinary families.” Sen. Joe Manchin, the Democrat-turned-independent from West Virginia, took it a step further and suggested Biden should even pardon Trump for his efforts to overturn the 2020 election, federal charges that are now evaporating with Trump's upcoming return to the White House. “Why don't you go ahead and pardon Donald Trump for all his charges?" he said in an interview with CNN. “It would have gone down a lot more balanced. I'm just saying, wipe them out.” At the same time, Democratic lawmakers and criminal justice reformers are pushing Biden to grant pardons to broad groups of Americans. Democrats Ayanna Pressley, Jim Clyburn and Mary Gay Scanlon wrote to Biden on Nov. 20, asking him to use his clemency powers to "address longstanding injustices in our legal system, and set our nation on the path toward ending mass incarceration.” The letter, also signed by 61 others, suggested Biden could use his powers to send a powerful message of criminal justice reform and "rectify unjust and unnecessary criminal laws passed by Congress and draconian sentences given by judges.” “We encourage you to use your clemency powers to help broad classes of people and cases, including the elderly and chronically ill, those on death row, people with unjustified sentencing disparities, and women who were punished for defending themselves against their abusers,” they wrote. So far, Biden has pardoned 25 people. Most presidents tend to grant a flurry of clemency requests at the end of their terms, and it's likely Biden will do the same. White House press secretary Karine Jean-Pierre has said Biden is “thinking through that process very thoroughly.” Weissert reported from Luanda, Angola.

CALGARY, AB , Dec. 19, 2024 /CNW/ - Surge Energy Inc. ("Surge" or the "Company") SGY is pleased to announce that on December 19, 2024 (the "Closing"), the Company disposed of its gas weighted non-core assets in the Valhalla area of Alberta (the "Non-Core Assets") for cash proceeds of $9.5 million (the "Transaction"). Additionally, the purchaser has assumed all future abandonment and reclamation obligations ("ARO") pertaining to the Non-Core Assets. KEY HIGHLIGHTS INCREASED CORE AREA FOCUS - Surge's Sparky and SE Saskatchewan core areas have been independently evaluated as two of the top four crude oil plays in North America , based on per well payout economics 1 . Following the sale of the Non-Core Assets, Surge's conventional Sparky and SE Saskatchewan crude oil assets will now represent 90 percent of the Company's new 22,500 boe per day 2025 production guidance, and more than 95 percent of the Company's cash flow from operating activities. IMPROVED OPERATING NETBACKS AND INCREASED LIQUIDS WEIGHTING – Concurrent with the Closing of the Transaction, the Company anticipates that its operating netback 2 per boe will improve by approximately 4 percent. Net operating expenses 2 for 2025 are now forecast to decrease to $19.05 - $19.55 per boe, following the Transaction. Additionally, Surge's forecast 2025 liquids weighting increases from 87 percent to 91 percent, following the Transaction. NO IMPACT TO FREE CASH FLOW – Due to the significant gas weighting (55 percent natural gas), and accompanying low operating netback ( $4.70 per boe in Q3/24) associated with the Non-Core Assets, the Company does not anticipate any change to its previously forecast 2025 corporate free cash flow 2 of $85 million 3 . NON-CORE ASSET DISPOSITION Surge disposed of the Non-Core Assets on the Closing for cash consideration of $9.5 million . Additionally, the purchaser has assumed all ARO pertaining to the Non-Core Assets. Estimated 2025 production from the Non-Core Assets was forecast to be approximately 1,250 boe/d, with a gas weighting of 55 percent. Over the past four years, Surge has been highly focused on developing its core Sparky and SE Saskatchewan crude oil assets. As such, the Non-Core Assets have been undercapitalized within the Company's high-quality, conventional crude oil asset portfolio. Proceeds from the Transaction bring forward approximately 10 years of future undiscounted free cash flow that the Non-Core Assets would have generated. At current strip crude oil prices, Surge anticipates allocating the net proceeds from the Transaction to additional share buy backs, and further reductions of net debt. Based on better than expected drilling results in 2H 2024, Surge's current production rate following the Closing of the Transaction exceeds 22,500 boepd (91% liquids). ________________________________ 1 As per Peters Oil & Gas Plays Update from January 16, 2024: North American Oil and Natural Gas Plays – Half Cycle Payout Period. Note: Sparky is represented as "Conventional Heavy Oil Hz" by Peters. 2 This is a non-GAAP and other financial measure which is defined under Non-GAAP and Other Financial Measures. 3 Pricing assumptions: US$70 WTI, US$13.50 WCS differential, US$3.50 EDM differential, $0.725 CAD/USD FX and $2.50 AECO. REVISED 2025 CAPITAL AND OPERATING BUDGET GUIDANCE Following the sale of the Non-Core Assets, the Company has revised its 2025 capital and operating budget guidance as follows: GUIDANCE Original 2025 Guidance from November 6, 2024 @ US $70 WTI 1 New 2025 Guidance @ US $70 WTI 1 Average 2025 production 23,750 boepd (87% liquids) 22,500 boepd (91% liquids) 2025(e) Exploration and development expenditures $170 million $170 million 2025(e) Adjusted funds flow 2 $277 million $275 million Per share $2.73 per share $2.71 per share 2025(e) Cash flow from operating activities 3 $255 million $255 million Per share $2.51 per share $2.51 per share 2025(e) Free cash flow 2 $85 million $85 million Per share $0.84 per share $0.84 per share 2025(e) Base dividend $53 million $53 million Per share $0.52 per share $0.52 per share 2025(e) Royalties as a % of petroleum and natural gas revenue 19.0 % 19.25 % 2025(e) Net operating expenses 2 $19.50 - $19.95 per boe $19.05 - $19.55 per boe 2025(e) Transportation expenses $1.50 - $1.75 per boe $1.40 - $1.60 per boe 2025(e) General & administrative expenses $2.25 - $2.45 per boe $2.45 - $2.65 per boe 2025(e) Interest expenses $2.50 - $2.75 per boe $2.50 - $2.75 per boe $1.3 billion in tax pools (providing an estimated 4-year tax horizon) 1 - Pricing assumptions: US$70 WTI, US$13.50 WCS differential, US$3.50 EDM differential, $0.725 CAD/USD FX and $2.50 AECO. 2 - This is a non-GAAP and other financial measure which is defined under Non-GAAP and Other Financial Measures. 3 - Assumes nil change in non-cash working capital. ADVISORS National Bank Financial Inc. acted as exclusive financial advisor to Surge with respect to the Transaction. ABOUT SURGE ENERGY INC. Surge is an intermediate, publicly traded oil company focused on enhancing shareholder returns through free cash flow generation. The Company's defined operating strategy is based on acquiring and developing high-quality, conventional oil reservoirs using proven technology to enhance ultimate oil recoveries. FORWARD LOOKING STATEMENTS This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "potential" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. More particularly, this press release contains statements concerning: Surge's expectation that will comprise 90 percent of the Company's new 22,500 boe per day 2025 production guidance and more than 95 percent of the Company's cash flow from operating activities; Surge's expectation that its operating netback per boe will improve by approximately 4 percent following the sale of the Non-Core Assets; Surge's forecast that its net operating expenses for 2025 will decrease to $19.05 - $19.55 per boe and that its liquids weighting for 2025 will increase from 87 percent to 91 percent; Surge's plans to allocate the net proceeds of the Transaction; Surge's anticipated 2024 production exit rate; and Surge's revised 2025 capital and operating budget guidance. The forward-looking statements are based on certain key expectations and assumptions made by Surge, including expectations and assumptions around the performance of existing wells and success obtained in drilling new wells; Surge's pricing assumptions of US$70 WTI, US$13.50 WCS differential, US$3.50 EDM differential, $0.725 CAD/USD FX and $2.50 AECO; anticipated operating, transportation and general and administrative costs and expenses; the application of regulatory and royalty regimes; prevailing economic conditions; development and completion activities; the performance of new wells; the successful implementation of waterflood programs; the availability of and performance of facilities and pipelines; the geological characteristics of Surge's properties; the successful application of drilling, completion and seismic technology; the determination of decommissioning liabilities; prevailing weather conditions; licensing requirements; the impact of completed facilities on operating costs; the availability and costs of capital, labour and services; and the creditworthiness of industry partners. Although Surge believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Surge can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the condition of the global economy, including trade, public health and other geopolitical risks (including the Russian invasion of Ukraine and continued conflict in the Middle East ); risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; inability of Surge to fund its future capital requirements and business plan; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks); commodity price and exchange rate fluctuations and constraint in the availability of services, adverse weather or break-up conditions; uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures; risks related to decommissioning liabilities including as a result of changes to laws or regulations, reserves estimates, costs and technology; failure to obtain the continued support of the lenders under Surge's current credit facilities; potential decrease in the available lending limits under Surge's credit facilities as a result of the syndicate's interpretation of the Company's reserves, commodity prices and decommissioning obligations; or the inability to obtain consent of lenders to increase or maintain the credit facilities. Certain risks are set out in more detail in Surge's annual information form dated March 6, 2024 and in Surge's interim management discussion and analysis for the period ended September 30, 2024 , both of which have been filed on SEDAR+ and can be accessed at www.sedarplus.ca . The forward-looking statements contained in this press release are made as of the date hereof and Surge undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. Oil and Gas Advisories The term "boe" means barrel of oil equivalent on the basis of 1 boe to 6,000 cubic feet of natural gas. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. "Boe/d" and "boepd" mean barrel of oil equivalent per day. Bbl means barrel of oil and "bopd" means barrels of oil per day. NGLs means natural gas liquids. This press release contains certain oil and gas metrics and defined terms which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar metrics/terms presented by other issuers and may differ by definition and application. Non-GAAP and Other Financial Measures This press release includes references to non-GAAP and other financial measures used by the Company to evaluate its financial performance, financial position or cash flow. These specified financial measures include non-GAAP financial measures and non-GAAP ratios, are not defined by IFRS and therefore are referred to as non-GAAP and other financial measures. Certain secondary financial measures in this press release – namely "adjusted funds flow", "adjusted funds flow per share", "net debt", "free cash flow", "free cash flow per share", "net operating expenses", "net operating expenses per boe", "operating netback", and "operating netback per boe" are not prescribed by GAAP. These non-GAAP and other financial measures are included because management uses the information to analyze business performance, cash flow generated from the business, leverage and liquidity, resulting from the Company's principal business activities and it may be useful to investors on the same basis. None of these measures are used to enhance the Company's reported financial performance or position. The non-GAAP and other financial measures do not have a standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. They are common in the reports of other companies but may differ by definition and application. All non-GAAP and other financial measures used in this document are defined below. Adjusted Funds Flow & Adjusted Funds Flow Per Share Adjusted funds flow is a non-GAAP financial measure. The Company adjusts cash flow from operating activities in calculating adjusted funds flow for changes in non-cash working capital, decommissioning expenditures, and cash settled transaction and other costs. Management believes the timing of collection, payment or incurrence of these items involves a high degree of discretion and as such, may not be useful for evaluating Surge's cash flows. Changes in non-cash working capital are a result of the timing of cash flows related to accounts receivable and accounts payable, which Management believes reduces comparability between periods. Management views decommissioning expenditures predominately as a discretionary allocation of capital, with flexibility to determine the size and timing of decommissioning programs to achieve greater capital efficiencies and as such, costs may vary between periods. Transaction and other costs represent expenditures associated with property acquisitions and dispositions, debt restructuring and employee severance costs, which Management believes do not reflect the ongoing cash flows of the business, and as such, reduces comparability. Each of these expenditures, due to their nature, are not considered principal business activities and vary between periods, which Management believes reduces comparability. Adjusted funds flow per share is a non-GAAP ratio, calculated using the same weighted average basic and diluted shares used in calculating income (loss) per share. Free Cash Flow and Free Cash Flow Per Share Free cash flow is a non-GAAP financial measure. Free cash flow is calculated as cash flow from operating activities, adjusted for changes in non-cash working capital, decommissioning expenditures, and cash settled transaction and other costs, less expenditures on property, plant and equipment. Management uses free cash flow to determine the amount of funds available to the Company for future capital allocation decisions. Free cash flow per share is a non-GAAP ratio, calculated using the same weighted average basic and diluted shares used in calculating income (loss) per share. Net Operating Expenses & Net Operating Expenses per boe Net operating expenses is a non-GAAP financial measure, determined by deducting processing income, primarily generated by processing third party volumes at processing facilities where the Company has an ownership interest. It is common in the industry to earn third party processing revenue on facilities where the entity has a working interest in the infrastructure asset. Under IFRS this source of funds is required to be reported as revenue. However, the Company's principal business is not that of a midstream entity whose activities are dedicated to earning processing and other infrastructure payments. Where the Company has excess capacity at one of its facilities, it will look to process third party volumes as a means to reduce the cost of operating/owning the facility. As such, third party processing revenue is netted against operating costs when analyzed by management. Net operating expenses per boe is a non-GAAP ratio, calculated as net operating expenses divided by total barrels of oil equivalent produced during a specific period of time. Operating Netback and Operating Netback per boe Operating netback is a non-GAAP financial measure, calculated as petroleum and natural gas revenue and processing and other income, less royalties, realized gain (loss) on commodity and FX contracts, operating expenses, and transportation expenses. Operating netback per boe is a non-GAAP ratio, calculated as operating netback divided by total barrels of oil equivalent produced during a specific period of time. There is no comparable measure in accordance with IFRS. This metric is used by management to evaluate the Company's ability to generate cash margin on a unit of production basis. For more information about Surge, please visit our website at www.surgeenergy.ca Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility of the accuracy of this release. SOURCE Surge Energy Inc. View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2024/19/c1934.html © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.Shares of Lion One Metals Limited ( CVE:LIO – Get Free Report ) reached a new 52-week low during trading on Friday . The stock traded as low as C$0.24 and last traded at C$0.24, with a volume of 244474 shares. The stock had previously closed at C$0.25. Lion One Metals Trading Down 2.0 % The company has a current ratio of 4.07, a quick ratio of 11.23 and a debt-to-equity ratio of 23.06. The stock’s fifty day moving average price is C$0.29 and its two-hundred day moving average price is C$0.34. The stock has a market capitalization of C$62.89 million, a P/E ratio of -1.85 and a beta of 0.43. Lion One Metals ( CVE:LIO – Get Free Report ) last posted its quarterly earnings results on Tuesday, October 1st. The company reported C($0.05) earnings per share (EPS) for the quarter. The business had revenue of C$9.36 million for the quarter. Lion One Metals had a negative net margin of 185.32% and a negative return on equity of 16.07%. Equities research analysts forecast that Lion One Metals Limited will post 0.0199784 EPS for the current year. Lion One Metals Company Profile Lion One Metals Limited engages in the acquisition, exploration, and evaluation of mineral resources in Fiji. The company’s principal property is the 100% owned Tuvatu Gold project, which comprise four special prospecting licenses covering an area of approximately 13,613 hectares located on the island of Viti Levu in Fiji. 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MUMBAI: Keen to get the status of ‘national party’ back, the Ajit Pawar-led NCP will contest the Delhi assembly elections, scheduled to be held in February. The party is planning to contest 25 seats, of which candidates for 11 have already been declared. Following the split in the party last year, NCP is looking to regain its national party status, for which it has been contesting elections outside Maharashtra, but failing miserably to register any success, except in Arunachal Pradesh. It had contested Jammu and Kashmir and Jharkhand assembly elections on 35 and 25 seats respectively but could not get even one seat. In Arunachal, however, it won three out of the 14 seats it contested. In Delhi, the party is planning to contest 25 seats, said the party’s national spokesperson, Brijmohan Shrivastava. “We wanted to contest the Delhi polls as a National Democratic Alliance (NDA) front, but BJP thinks otherwise. Hence, the party has started preparation to fight the polls alone,” he said. The party has already declared candidates for Burari, Badli, Mangol Puri, Chandni Chowk, Balli maran, Chhatarpur, Sangam Vihar, Okhla, Laxmi Nagar, Seema Puri and Gokal Puri. In a major setback, the Election Commission (EC) on April 11, 2023, withdrew the national party status of the NCP on the grounds that it no longer fulfilled the eligibility criteria. The EC also revoked its state party status in three states - Goa, Manipur and Meghalaya - which paved the way to remove the national party status. The Election Symbols (Reservation and Allotment) Order, 1968, mandates that for national party status, a political party needs to fulfill any of the following three conditions: First, it should secure at least six percent of the votes polled in four or more states in the Lok Sabha or assembly elections, and should also have at least four members in the Lok Sabha. Secondly, it needs to have at least two percent of the total Lok Sabha seats and candidates from not less than three states. Third, it should be recognised as a state party in at least four states.