Business
Saturn Oil & Gas Inc. Reports Q1 2023 Results and Record Production
Calgary, Alberta--(Newsfile Corp. - May 16, 2023) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: ...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Reports Q1 2023 Results and Record ProductionCalgary, Alberta--(Newsfile Corp. - May 16, 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 months ended March 31, 2023.\"The first quarter of 2023 was a landmark period for Saturn that set new performance records following the closing of the acquisition of Ridgeback Resources, which has enhanced the sustainability and potential profitability of Saturn for years to come,\" commented John Jeffrey, Saturn's CEO. \"Building on the successes from last year's development program, the 13 new horizontal wells drilled in Q1 2023 have been the most productive group of new wells in Saturn's history.\"First Quarter 2023 Highlights:Closed the transformational acquisition of Ridgeback Resources Inc. on February 28, 2023 (the \"Ridgeback Acquisition\"), for total consideration of approximately $525 million, increasing the Company's March exit production to approximately 30,000 boe/d(2)(3);Realized record average production for the quarter of 17,783 boe/d(2) (88% oil and NGLs) in 2023, representing an increase of 137% compared to 7,499 boe/d(2) (95% oil and NGLs) in the first quarter of 2022;Posted record quarterly Adjusted EBITDA(1) of $70.4 million in 2023, an increase of 332% compared to $16.3 million in first quarter of 2022;Generated record Adjusted funds flow(1) of $54.5 million ($0.63 per basic share), an increase of 252% compared to $15.5 million ($0.50 per basic share) in first quarter of 2022, with record free funds flow(1) of $30.2 million;Achieved operating netbacks, net of derivatives(1) of $46.14 per boe in Q1 2023, an increase of 75% compared to $26.38 per boe in the first quarter of 2022, despite oil prices decreasing year over year;Closed a bought-deal equity financing for aggregate gross proceeds of $125 million and expanded the Company's Senior Term Loan by $375 million in connection with the Ridgeback Acquisition;Closed a $30 million unsecured demand letter of credit facility with a syndicate of Canadian banks supported by a Performance Security Guarantee from Export Development Canada, providing Saturn with flexibility to replace cash-collateralized letters of credit;Invested $24.3 million of development capital expenditures in th...