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Saturn Oil & Gas Inc. is a Canadian energy company focused on developing high-quality, light oil weighted assets. With a commitment to generating positive shareholder returns, the company pursues an acquisition strategy for complementary opportunities. Saturn's assets include operated assets in Southeastern Saskatchewan, West Central Saskatchewan, and Central Alberta, providing long-term drilling opportunities across multiple zones. The company aims to increase reserves, production, and cash flows while maintaining an ESG-focused culture.
Recent achievements include exceeding expected production rates in the Brazeau area of Central Alberta and Southeast Saskatchewan. Saturn is committed to responsible development and enhancing returns on invested capital. The company has successfully completed drilling programs and acquisitions, positioning itself for growth and profitability.
Saturn Oil & Gas (TSX: SOIL) (OTCQX: OILSF) has completed two significant corporate restructuring moves effective January 2025. First, the company executed a vertical short-form amalgamation with its wholly-owned subsidiary, Saturn Holdings SK on January 1. Second, on January 3, the company completed its continuance from Saskatchewan to Alberta jurisdiction, which was previously approved by shareholders with 94.94% support in May 2024.
These corporate actions aim to streamline operations and reduce expenses. The amalgamation consolidates Saturn's asset base and development activities under one corporate entity, while the continuance to Alberta aligns with the company's Calgary head office location and management presence. No action is required from existing shareholders, and share certificates remain unaffected by these changes.
Saturn Oil & Gas has announced its 2025 capital budget of $300-320 million, targeting stable production of 38,000-40,000 boe/d with 85% liquids. The company plans to drill 120 net wells in 2025, with over 70% of the budget deployed in H2 2025. Key financial projections include Adjusted EBITDA of $525-575 million and Free Funds Flow of $125-165 million.
The three-year outlook (2025-2027) aims to maintain production levels while generating $450-475 million in free funds flow and reducing net debt by over 40%. The company plans to invest in Southeast Saskatchewan (62%), West Saskatchewan (17%), and Central Alberta (21%), focusing on Bakken, Viking, and Cardium formations.
Saturn Oil & Gas reported record Q3 2024 results with production averaging 39,049 boe/d, up 30% from Q2/24 and 49% from Q3/23. The company achieved record Adjusted EBITDA of $135.8 million and Adjusted Funds Flow of $94.1 million. Net income totaled $101.6 million ($0.50 per basic share). Development capital expenditures were $80.8 million, directed to drill 48 wells. The company ended the quarter with net debt of $779.0 million and approximately $113 million cash on hand. Saturn implemented a share buyback program, repurchasing 1,095,236 common shares in Q3/24.
Saturn Oil & Gas (TSX: SOIL) (OTCQX: OILSF) has announced it will release its third quarter 2024 financial and operating results on Tuesday, November 5, 2024, after markets close. The company will host a conference call and webcast on Wednesday, November 6, 2024, at 8:00 a.m. MT (10:00 a.m. ET) for investors, analysts, brokers, and media representatives. The leadership team will provide an overview of Q3 2024 results followed by a Q&A session. The webcast replay will be available for 12 months.
Saturn Oil & Gas Inc. (TSX: SOIL) (FSX: SMKA) (OTCQX: OILSF) has secured the fourth position on the 2024 Report on Business ranking of Canada's Top Growing Companies. The company achieved an impressive three-year revenue growth of over 9,200%, marking its second consecutive year as the fastest-growing oil and gas company on the list.
CEO John Jeffrey attributes Saturn's success to its strategy of challenging industry norms through strategic acquisitions, efficient drilling programs, and a focus on profitable operations. The company has steadily expanded its land position, reserves, and production volumes over the past four years.
The ranking, launched in 2019, measures Canadian companies based on three-year revenue growth. Out of 416 companies that made the list, Saturn's achievement highlights its innovative approach and rapid expansion in the oil and gas sector.
Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) reported strong Q2 2024 financial and operational results, highlighted by record quarterly production and adjusted funds flow. Key highlights include:
- Closed a $534.8 million acquisition of oil-weighted assets, increasing production by over 50%
- Achieved record average production of 30,128 boe/d, up from 25,988 boe/d in Q2 2023
- Generated record quarterly adjusted EBITDA of $106.0 million, up from $92.9 million in Q2 2023
- Achieved quarterly adjusted funds flow of $88.6 million, up from $67.0 million in Q2 2023
- Generated free funds flow of $66.1 million, up from $53.1 million in Q2 2023
The company also replaced its Senior Term Loan with US$650.0 million of Senior Secured Notes at 9.625% interest, reducing borrowing costs by approximately 40%.
Saturn Oil & Gas has completed the acquisition of oil-weighted assets in Southern Saskatchewan.
The purchase was financed through a high-yield note offering and a $100 million bought deal subscription receipt financing.
The company has repaid its Senior Secured Term Loan, leaving a current outstanding debt of $650 million and an undrawn $150 million reserves-based loan.
Subscription Receipts were converted to common shares, and $96 million was released from escrow.
Saturn plans to use the free cash flow generated from these assets to pay down debt and make strategic acquisitions, with future plans for dividends and share buybacks.
The company has received corporate and bond credit ratings from S&P Global Ratings and Moody's Ratings.
Saturn Oil & Gas has completed a private placement, raising $650 million through senior secured second lien notes due 2029 with an interest rate of 9.625%. The offering was made under Rule 144A and Regulation S of the Securities Act of 1933, targeting eligible purchasers. The notes weren't registered under U.S., Canadian, or other international securities laws and can't be sold in these jurisdictions without proper registration or exemption. Saturn has no plans to register these notes in the future. This announcement is not an offer to sell or buy securities.
Saturn Oil & Gas announced the pricing of its US $650 million senior secured second lien notes due 2029, bearing an annual interest rate of 9.625%. The offering will close on June 14, 2024, subject to customary conditions. The company plans to use the proceeds to fund a portion of the cash purchase price of an acquisition in Southern Saskatchewan, repay existing debt, and for general corporate purposes. If the acquisition isn't completed by August 14, 2024, the proceeds will be subject to mandatory redemption. The notes are not registered under U.S. or Canadian securities laws and are offered only to qualified institutional buyers and certain non-U.S. persons.
Saturn Oil & Gas announced a proposed private offering of US$625 million in senior secured second lien notes due 2029. The proceeds will fund the acquisition of oil and gas properties from Veren Partnership, repay the company's senior secured term loan, and cover general corporate purposes. If the offering completes before the acquisition, the proceeds will be held in escrow. The notes are not registered under the Securities Act and will be sold to qualified institutional buyers and non-U.S. persons outside the United States.
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