Business
Saturn Oil & Gas Inc. Reports 2022 Year-End Results
Calgary, Alberta--(Newsfile Corp. - March 28, 2023) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Reports 2022 Year-End ResultsCalgary, Alberta--(Newsfile Corp. - March 28, 2023) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (OTCQX: OILSF) (\"Saturn\" or the \"Company\") is pleased to report its financial and operating results for the three and twelve months ended December 31, 2022.\"2022 was the most active year for light oil development in Saturn's history. The Company drilled 57.5 net horizontal wells targeting light oil, with 100% success,\" commented Justin Kaufmann, Chief Development Officer. \"In addition to the recently closed Ridgeback Acquisition discussed below, Saturn completed two accretive acquisitions in our core development area in West Central Saskatchewan (the \"Viking Asset\"). In addition to the high net back light oil production acquired, the extensive land base gained from the acquisitions was the focus of much of our drilling activity in 2022.\"Fourth Quarter and 2022 Annual Highlights:Achieved record production and matched corporate guidance with a fourth quarter 2022 average of 12,514 boe/d (96% oil and NGL), compared to 7,279 boe/d (95% oil and NGL) in the fourth quarter of 2021, an increase of 72%;Generated record quarterly adjusted funds flow(1) of $50.7 million ($0.85 per basic share) in the three months ended December 31, 2022 compared to $9.7 million ($0.39 per basic share) in the comparable 2021 period, primarily due to the success of the 2022 light oil horizontal well drilling program as well as the Viking Asset acquisitions;Increased operating netbacks(1) by 201% for the three months ended December 31, 2022 to $64.46 per boe compared to $21.45 per boe in the fourth quarter of 2021;Invested $35.1 million of development capital in the fourth quarter, drilling 16 (net 15.6) horizontal wells (nine Viking, four Frobisher, two Tilston, and one Alida);Generated fourth quarter free funds flow(1) of $15.1 million; andExited the fourth quarter with $219.8 million net debt(1), realizing a net debt to quarterly annualized adjusted funds flow(1) of 1.1x.Three months ended December 31, Year ended December 31,   (CAD $000s, except per share amounts) 2022 2021 2022 2021 FINANCIAL HIGHLIGHTSPetroleum and natural gas sales 111,55853,754367,957114,723Cash flow from (used in) operating activities 58,10013,033102,314(1,285)per share- Basic 0.97...