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Saturn Oil & Gas Inc. Announces Intention to Commence Inaugural Substantial Issuer Bid, Continuing Capital Return Strategy and Further Enhancing Per Share Metrics
Saturn to offer $2.15 per common share through a fixed price tender, representing an approximate ...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Intention to Commence Inaugural Substantial Issuer Bid, Continuing Capital Return Strategy and Further Enhancing Per Share MetricsSaturn to offer $2.15 per common share through a fixed price tender, representing an approximate premium of 20% over the current share price on the TSX$15 million to be returned to shareholders assuming full participation, bringing total share repurchases by Saturn to approximately $34 million since Aug/24, equivalent to approximately 10% of current market capitalizationCalgary, Alberta--(Newsfile Corp. - June 5, 2025) - Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) (\"Saturn\" or the \"Company\"), a light oil-weighted producer focused on unlocking value through the development of our assets in Saskatchewan and Alberta, is pleased to announce our intention to commence a substantial issuer bid (the \"Offer\") pursuant to which the Company will offer to purchase from holders (\"Shareholders\") of common shares (\"Shares\") of the Company up to 7,000,000 Shares for cancellation at a purchase price of $2.15 per Share (the \"Purchase Price\"), for an aggregate purchase price not exceeding $15,050,000. \"We believe the commencement of this inaugural substantial issuer bid, representing an approximate 20% premium to our current trading value, demonstrates Saturn's commitment to advancing opportunities that offer high potential returns in the current market environment, ultimately driving value for shareholders,\" said John Jeffrey, Chief Executive Officer of Saturn. \"The combined impact of operating cost savings, our Q1 2025 production outperformance, efficient capital program, and contribution from our robust hedge book is expected to result in over $30 million of incremental funds, (more than double the Offer), which affords us the ability to make the Offer and maintain ongoing financial flexibility. Going forward, if the disconnect between Saturn's trading price and the intrinsic value of the Shares persists, and our financial position is supportive, we may consider further repurchases of the Shares as an efficient allocation of resources and a strategy to enhance shareholder value.\" The Offer is expected to commence on June 11, 2025, and remain open for acceptance until 5:00 pm (Eastern Time) on July 16, 2025, unless extended, varied, or withdrawn by the Company (...