SAN DIEGO, December 26 /CNW/ - Surge Global Energy, Inc. (OTC: SRGG)
("Surge") today announced a review of Canadian Tax Reserves.
The Company has discovered in its year-end review that its reserves for
Canadian taxes from the Peace Oil transactions may not be adequate. We are in
the process of engaging appropriate tax professionals to advise with respect
to our tax reserves, which appear to be materially understated. The Company
will determine whether further tax reserves should be established for all
Canadian transactions. Once definitive amounts can be determined it may become
necessary to restate the Company's June 30, 2007 and September 30, 2007
financial statements. U.S. taxes are also under review related to the Canadian
transactions. Management and the Board of Directors are determined to quantify
the appropriate tax reserves as soon as possible and to take appropriate steps
to effect a qualified transaction or transactions outlined by Canadian tax law
to attempt to minimize the final taxes due and also provide the optimal
economic return to the Company and its shareholders.
About Surge Global Energy, Inc.
Surge Global Energy, Inc is a U.S. based early stage oil and gas
exploration company seeking to invest and acquire properties in underdeveloped
regions of Canada and the USA with a current interest in an exploration stage
oil and gas project in Argentina and looking to identify, acquire and develop
working interests in other underdeveloped oil and gas projects.
Materials in this press release may contain information that includes or
is based upon forward-looking statements within the meaning of the Securities
Litigation Reform Act of 1995. Forward-looking statements give our
expectations or forecasts of future events. You can identify these statements
by the fact that they do not relate strictly to historical or current facts.
They use words such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe" and other words and terms of similar meaning in
connection with a discussion of future operating or financial performance. In
particular, these include statements relating to future steps we may take,
prospective products, future performance or results of current and anticipated
products, sales efforts, expenses, the outcome of contingencies such as legal
proceedings, and financial results.
Any or all of our forward-looking statements here or in other
publications may turn out to be wrong. They can be affected by inaccurate
assumptions or by known or unknown risks and uncertainties. Many such factors
will be important in determining our actual future results. Consequently, no
forward-looking statement can be guaranteed. Our actual results may vary
materially, and there are not guarantees about the performance of our stock.
Any forward-looking statements represent our expectations or forecasts
only as of the date they were made and should not be relied upon as
representing our expectations or forecasts as of any subsequent date. We
undertake no obligation to correct or update any forward-looking statements,
whether as a result of new information, future events or otherwise, even if
our expectations or forecasts change. You are advised, however, to consult any
further disclosures we make on related subjects in our reports filed with the
SEC. In particular, you should read the discussion in the sections entitled
"Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors"
in the Company's SB-2 filed with the SEC on August 27, 2007, and in our most
recent Annual Report on Form 10-KSB, as it may be updated in subsequent
reports filed with the SEC. That discussion covers certain risks,
uncertainties and possible inaccurate assumptions that could cause our actual
results to differ materially from expected and historical results. Other
factors besides those listed there could also adversely affect our results.
For further information:
For further information: Surge Global Energy, Inc. David Perez,
1-858-704-5018 Main Office: 1-858-704-5010 Chief Executive Officer and
Chairman of the Board firstname.lastname@example.org