At US$80–100 WTI, Surge is thriving. 16.9% FCF yield at strip, C$346M cash flow, and a 26% guidance raise to C$335M AFF, with C$5M/month buybacks underway. June 1 update strengthens the investment case. Management raised 2026 exit production guidance up to 24,000 boe/d, increased capital spending to C$175M, and now targets C$335M of AFF at US$80. At strip pricing, Surge offers a 16.9% FCF yield and around C$92M of shareholder returns through dividends and buybacks. My PV10 is C$19.5 per share, implying 95% upside from today's price.