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Saturn Oil & Gas Inc. Confirms Closing of Previously Announced Transformational Acquisition of Southeast Saskatchewan Light Oil Assets
Saturn's forecast 24-month free cash flow enough to repay senior term loan and subordinat...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Confirms Closing of Previously Announced Transformational Acquisition of Southeast Saskatchewan Light Oil AssetsSaturn's forecast 24-month free cash flow enough to repay senior term loan and subordinated notes in full 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 Canadian crude oil to service global market demandCalgary, Alberta--(Newsfile Corp. - June 7, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) (\"Saturn\" or the \"Company\") is pleased to announce that it has successfully closed the previously announced transformational acquisition (the \"Acquisition\") of assets in the Oxbow area of Southeast Saskatchewan (the \"Oxbow Assets\") from Crescent Point Energy Corp. Saturn acquired 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.Total consideration for the Acquisition was $93 million, prior to closing adjustments, and was funded through a combination of proceeds from the previously announced senior secured term loan, a best-efforts agency private placement and a concurrent non-brokered private placement. Details of the senior secured term loan and the private placement equity offerings can be found within the Company's press releases dated May 13 and June 4, 2021.\"The closing of this transformational acquisition has truly elevated Saturn to new heights and put our mark on the map for a very attractive purchase price,\" said John Jeffrey, CEO of Saturn. \"We have added high-quality, light oil assets to our portfolio, which now features a robust long-term inventory of future development drilling targets that are highly economic at current commodity prices. The Saturn team is excited about the opportunity to generate compelling returns for our shareholders, while helping to meet the world's growing energy needs in an environmentally responsible manner under Canada's stringent regulatory regime.\" Strategic Acquisition HighlightsThe 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 gen...