SOLANA BEACH, Calif., Sept. 29, 2008 (GLOBE NEWSWIRE) -- Surge Global Energy, Inc. (OTCBB:SRGG) is pleased to announce that it has made an initial investment in the biofuels sector. Surge has selected 11 Good Energy, Inc. (11goodenergy.com) developer of G2 Diesel, a next generation biodiesel, for an investment of $275,000, through the purchase of a Convertible Note bearing interest at 8% per annum and due June 30, 2009. The Note is redeemable or convertible into 11 Good Energy common shares until June 30, 2009 at Surge's election, and also contains an equal number of common stock purchase warrants exercisable until June 30, 2010.
In a second transaction, Frederick C. Berndt will transfer to Surge 500,000 shares of restricted 11 Good Energy common stock, and Surge will issue to Mr. Berndt a warrant to purchase 1,000,000 shares of restricted Surge common stock at an exercise price of $.75 per Surge share through December 31, 2009. Mr. Berndt also agreed to secure Surge's Note with a lien on certain real property owned by him.
ABOUT SURGE:
Surge is actively engaged in the energy sector, primarily seeking oil and gas prospects in the United States and Canada, such as its recent acquisition of Green Valley leases in Nevada.
Surge also owns interests in two development stage oil sands companies, one private, Andora Energy Corporation, and one public, North Peace Energy Corporation (NPE.V), which is listed on the TSX Venture Exchange. Surge currently owns over 1,700,000 shares of NPE.V.
Surge has approximately 31.5 million shares of common stock outstanding, and 38 million shares fully diluted. Surge has no long or short term debt.
Surge may change without prior notice any holdings, operations or financial condition. Investors should not make any investment decision about Surge prior to reading Surge's most recent Exchange Act Reports on Form 8-K, Quarterly Reports on Form 10-Q, and Annual Reports on Form 10-KSB.
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