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Amended and Restated Press Release - Saturn Oil & Gas Inc. Announces Transformational Light Oil Asset Acquisition of 6,700 boe/d to Become One of the Leading Producers and Land Holders in Southeast Saskatchewan
Saturn expects to be debt-free in 24 months based on production forecasts, capital budget...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Amended and Restated Press Release - Saturn Oil & Gas Inc. Announces Transformational Light Oil Asset Acquisition of 6,700 boe/d to Become One of the Leading Producers and Land Holders in Southeast SaskatchewanSaturn expects to be debt-free in 24 months based on production forecasts, capital budget, hedging levels and current forward pricing Mission is to continue to be an acquirer of accretive assets in Western CanadaAcquisition builds on Saturn's existing environmental, social and governance (\"ESG\") performance, while supplying responsibly-produced ethical Canadian crude oil to service global market demandCalgary, Alberta--(Newsfile Corp. - June 30, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) (\"Saturn\" or the \"Company\") is amending and restating the original May 13, 2021 press release (the \"May 13 Release\") as a result of a request to restate the reserves information contained therein. The May 13 Release contained reserves information that was prepared by management of the Company and subsequently audited by independent reserves evaluator Ryder Scott Company - Canada (\"Ryder Scott\"). The previously disclosed reserves were deemed to have not been prepared in accordance with COGEH guidelines due to an independence deficiency and the resulting disclosure was therefore not made in accordance with NI 51-101. This amended and restated press release contains reserves information prepared for Saturn by Ryder Scott in accordance with COGEH guidelines dated June 30, 2021 and effective April 1, 2021 (the \"Ryder Scott Report\") and the reserves information disclosed in the May 13 Release is superseded in its entirety by this amended and restated release.Saturn is pleased to announce that it has entered into an arms-length definitive agreement to acquire assets in the Oxbow area of Southeast Saskatchewan (the \"Oxbow Assets\" or the \"Acquisition\") for approximately $93 million, funding for which is outlined below. Pursuant to the Acquisition, Saturn will acquire approximately 6,700 boe/d (~95% light oil and liquids)1 with over 450 net sections of land, largely positioned across one of the most economic oil plays in North America. The Acquisition enhances Saturn's financial and operational strength through the addition of a high-quality and very low decline (12%) light oil asset base that is projected to gene...