SATURN OIL & GAS INC - OILSF STOCK NEWS

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.

Saturn Oil & Gas held its Annual General and Special Meeting on May 28, 2024, where 63.34% of total common shares were voted. All proposals were approved, including the election of eight directors and appointing KPMG LLP as auditor.

Key voting results include John Jeffrey with 94.59% approval, Ivan Bergerman with 65.26%, and Murray Payne with 96.11%. A special resolution to move the 's jurisdiction from Saskatchewan to Alberta was also approved with 94.94% in favor.

Saturn Oil & Gas Inc. has published its Q1 2024 financial and operational results, showing significant growth compared to Q1 2023. Their quarterly production averaged 26,394 boe/d, up from 17,783 boe/d last year. Adjusted EBITDA rose to $88.2 million from $69.9 million, while adjusted funds flow increased to $68.2 million from $54.5 million. Capital expenditures reached $34 million, drilling nine gross wells. Despite achieving these results, the company faced challenges such as severe cold weather and lower global oil prices, impacting revenues. Saturn also completed a $50 million equity financing and directed $76.1 million toward debt repayment, ending the quarter with $386.4 million in net debt. Additionally, Saturn announced the acquisition of oil-weighted assets in Southern Saskatchewan for $525 million, which will add 13,000 boe/d of production. This acquisition will be funded through debt commitments and a bought-deal financing.

Saturn Oil & Gas Inc. announced its successful development in Central Alberta at the Brazeau field for Cardium light oil and natural gas, with initial production results of nine wells exceeding expectations. The company continued its positive development in Southeast Saskatchewan, surpassing type curve IP30 production rates. Total capital costs for drilling nine wells in Q1 2024 were below budget. Saturn plans to release its first quarter financial results soon.