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Saturn Oil & Gas Inc. Announces 145 Million BOE of Reserves and Proved Developed Producing Net Present Valve 10% of $1.4 Billion
Calgary, Alberta--(Newsfile Corp. - January 30, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FS...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces 145 Million BOE of Reserves and Proved Developed Producing Net Present Valve 10% of $1.4 BillionCalgary, Alberta--(Newsfile Corp. - January 30, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) (\"Saturn\" or the \"Company\") is pleased to announce the results of the independent reserves evaluation of the Company's crude oil and natural gas assets, dated January 29, 2024 and effective December 31, 2023, in compliance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities (\"NI 51-101\") and in accordance with the Canadian Oil and Gas Evaluation Handbook (the \"Reserve Report\").Reserves Evaluation HighlightsThe Company's Reserve Report, prepared by Ryder Scott Company-Canada (\"Ryder Scott\"), evaluated the Company's oil and gas assets in Saskatchewan and Alberta and is highlighted by:145.3 million BOE of Total Proved + Probable (\"TP+P\") reserves1, representing a 131% year over year increase;$1.4 billion net present value of future net revenue of the Proved Developed Producing (\"PDP\") reserves discounted at 10% (\"NPV10%\")4;879 gross (727.2 net) booked drilling locations, 78% located in Saskatchewan and 22% in Alberta;High oil weighting with TP+P reserves comprised of 82% light & medium oil and natural gas liquids (\"NGL\");Long reserve life index (\"RLI\") of 6.2 years for PDP1 reserves and 14.8 years for TP+P1 reserves;2023 TP+P F&D costs of $19.13 /boe (2.5x recycle ratio)1;2023 TP+P FD&A costs of $15.29 /boe (3.1x recycle ratio)1;Net asset value (\"NAV\") per share:Proved Developed Producing of $6.72;Total Proved of $10.89; andTotal Proved + Probable of $16.69.\"In 2023 Saturn executed the largest drilling program in its history, complimented by the impactful acquisition of Ridgeback Resources Inc., which together drove significant production and reserve growth for the Company. The Ridgeback acquisition added 474 gross (363.7 net) booked future drilling locations2 which will support future oil and gas production and sustainable free cash flow generation,\" commented Justin Kaufmann, Chief Development Officer. \"We are proud of our development programs and strategic acquisitions that have amounted to over 150 MMBOE of TP+P reserves additions, over the past three years, at an attractive average finding, development and acquisi...