SATURN OIL & GAS INC - OILSF STOCK NEWS

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.

Saturn Oil & Gas Inc. announced the granting of annual incentive awards under its long term incentive plan, including 2,653,518 Restricted Share Units and 622,530 Performance Share Units. The RSUs will vest in three equal installments over three years, while the PSUs have a payout ratio of 50%-150% based on performance objectives.

Saturn Oil & Gas Inc. announces the sale of its non-core Deer Mountain property in North Alberta for $27 million. The property had production of approximately 800 boe/d in March 2024. The sale is expected to close in Q2 2024.

Saturn Oil & Gas Inc. reports strong financial and operational results for Q4 2023, with record production levels and significant increases in adjusted EBITDA and funds flow. The company achieved a 115% increase in production, generated $100.1 million in adjusted EBITDA, and $80.2 million in adjusted funds flow for Q4 2023. Saturn's strategic focus on light oil assets and cost optimization led to high cash flow margins and shareholder value creation. The acquisition of Ridgeback Resources contributed to growth, expanding production and reserve volumes. Cost reduction efforts improved operating netback and debt repayment commitments. Saturn's 2024 development plan targets drilling up to 61 net wells, with a focus on increasing production and strengthening the balance sheet.

Saturn Oil & Gas Inc. announces a 131% year-over-year increase in Total Proved + Probable reserves, a $1.4 billion net present value of future net revenue, and a significant production and reserve growth due to a successful drilling program and acquisition of Ridgeback Resources Inc.

Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) announces successful drilling of first Open Hole Mult-Lateral Bakken well in Southeast Saskatchewan, with initial 30-day average production of 233 bbls/d of light oil, 49% above expected type curves. Company also brings second well onto production and reduces debt covenant for financial flexibility.

Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) announces the purchase of 891,898 common shares by certain purchasers, including Saturn's executives, from a previous shareholder of Ridgeback Resources Inc., subject to a contractual hold period.

Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) announces successful drilling results in Southeast Saskatchewan and Central Alberta, with initial production results exceeding type curve expectations. The company is on track to drill up to 48 gross operated wells in 2023, with a strong focus on light oil production.