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Saturn Oil & Gas Inc. Provides Operations Update Highlighted by Q4 2024 Production Ahead of Guidance Following Successful Capital Program
Estimated Q4/24 volumes above 41,000 boe/d (1) represents a new corporate record for Saturn ...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Provides Operations Update Highlighted by Q4 2024 Production Ahead of Guidance Following Successful Capital ProgramEstimated Q4/24 volumes above 41,000 boe/d(1) represents a new corporate record for SaturnEfficient capital program, continued type curve outperformance and production optimization drove volumesRobust hedges on oil prices, differentials and foreign exchange rates help mitigate current market volatilityCalgary, Alberta--(Newsfile Corp. - February 19, 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 provide an operations update highlighted by estimated Q4/24 volumes that averaged over 41,000 boe/d(1), above the high end of our previously announced quarterly guidance of 39,000 to 40,000 boe/d, due to the success of our second half 2024 capital program. \"Saturn continues to deliver on our guidance and meet or exceed our goals, clearly demonstrated by Q4 average production estimates of over 41,000 boe/d(1). This production beat is due to outperformance of new wells, the predictable nature of our asset base and our strong technical team who consistently identifies new and innovative ways to optimize production, enhance development and reduce costs,\" said John Jeffrey, Chief Executive Officer of Saturn. \"Applying our Saturn blueprint across the organization showcases how numerous incremental gains throughout our business can create a compounding effect, drive ongoing enhancements in Saturn's overall corporate performance and set the stage for lasting value creation.\" CAPITAL PROGRAM OVERVIEWSaturn had a strong period of capital efficient execution in Q4/24, drilling 33 gross (26.2 net) wells, highlighted by new wells trending above internal type curve(2) estimates and contributing to higher volumes. Our successful drilling programs in the Flat Lake and Battrum fields, which were added to the portfolio in mid-2024, increased our confidence in the expected rates of return from these fields for future drilling plans. Saturn also realized meaningful year-over-year production improvements across all development areas acquired through the Ridgeback Resources transaction in Q1/23, along with further delineation of our open h...