Welcome to our dedicated page for Saturn Oil Gas news (Ticker: OILSF), a resource for investors and traders seeking the latest updates and insights on Saturn Oil Gas stock.
Saturn Oil & Gas Inc. (OTCQX: OILSF; TSX: SOIL) generates a steady flow of news as a returns-driven Canadian energy company focused on light oil weighted assets in Saskatchewan and Alberta. The company’s updates frequently cover its development programs, capital allocation decisions and corporate transactions, giving investors insight into how management is applying its stated "Blueprint" strategy.
News releases often detail Saturn’s drilling activity in core areas such as southeast Saskatchewan and Central Alberta, including open hole multi-lateral wells in the Bakken and Mississippian formations and extended reach horizontal wells in the Cardium. The company also reports on waterflood initiatives, production performance relative to guidance, and the impact of tuck-in acquisitions and land purchases on its inventory of drilling locations.
Saturn’s communications regularly address financial and capital structure topics, such as free funds flow, net debt reduction, use of a syndicated credit facility, and share repurchases through a normal course issuer bid and substantial issuer bid. Corporate updates may also highlight guidance for development capital expenditures, production forecasts and the allocation of capital between drilling, optimization, waterflood projects and acquisitions.
In addition, Saturn issues announcements on corporate matters, including the renewal of its credit facility, approval of share buyback programs and board-level changes, as well as structural steps like the vertical short-form amalgamation with its wholly-owned subsidiaries. Investors following OILSF news can use this page to review earnings releases, budget and guidance updates, acquisition announcements, capital market actions and other disclosures that the company provides through its regular newsflow.
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.
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