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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.