Business
Saturn Oil & Gas Inc. Provides Q1/25 Capital Program Update and Accelerates Debt Repayment with US$15 Million Senior Note Repurchase and Cancellation
Q1/25 capital program realized well outperformance averaging 20% above internal type curves (2)...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Provides Q1/25 Capital Program Update and Accelerates Debt Repayment with US$15 Million Senior Note Repurchase and CancellationQ1/25 capital program realized well outperformance averaging 20% above internal type curves(2), driving estimated average volumes over 41,600 boe/d(1)Opportunistically retired ~US$15 million of senior notes by allocating ~C$21 million to open market repurchases at prices below parContinued share buybacks with ~3.4 million shares repurchased to date in 2025, bringing total repurchases to 7.9 million shares since the program's launch in August 2024, or ~4% of outstanding Recognized by The Financial Times as the fastest growing energy company across all of the AmericasCalgary, Alberta--(Newsfile Corp. - April 23, 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 update on our Q1/25 capital program along with a corporate update highlighted by ongoing debt reduction and continued share repurchases. \"I'm proud to showcase Saturn's ongoing operational efficiency with an average 20% well outperformance while our spending remains on budget, providing valuable flexibility in a tumultuous market, and positioning us to reallocate capital as may be needed without impacting our production guidance,\" said John Jeffrey, Chief Executive Officer of Saturn. \"Through the recent volatility, we have captured opportunities to reduce our debt and strengthen our balance sheet by retiring US$15 million of our senior notes through open market purchases below par. In addition, we have continued to invest in Saturn's future with ongoing share buybacks, designed to further enhance our per share metrics and position the Company for long-term resilience and value creation for all stakeholders.\" Q1/25 CAPITAL PROGRAM SNAPSHOTDuring the first quarter of 2025, Saturn executed a safe and efficient capital expenditure program, investing approximately $73 million to drill 33 gross (24.4 net) wells, with four rigs running in Saskatchewan and one in Alberta. A total of 26 (22.3 net) wells were drilled in southeast Saskatchewan, six (1.2 net) wells in West Saskatchewan and one (1.0 net) well in Alberta. By the end of the period, ...