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Saturn Oil & Gas Inc. Reports Q2 2022 Financial and Operational Results Highlighted by Record Quarterly Cash Flow
Calgary, Alberta--(Newsfile Corp. - August 18, 2022) - Saturn Oil & Gas Inc. (TSXV: SOIL) ...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Reports Q2 2022 Financial and Operational Results Highlighted by Record Quarterly Cash FlowCalgary, Alberta--(Newsfile Corp. - August 18, 2022) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (\"Saturn\" or the \"Company\") is pleased to report its financial and operating results for the three and six months ended June 30, 2022.\"Saturn's high quality, light oil production base was complimented in the second quarter of 2022 with exceptionally strong global oil prices which produced a record cash flow,\" commented John Jeffrey, Chief Executive of Saturn. \"Saturn's focus on enhancing the Company's oil production capabilities through accretive acquisitions in the first half of 2022 has set the foundation for fully funded future organic growth through development drilling and concurrent rapid debt repayment.\"Second Quarter 2022 Highlights:Generated record quarterly petroleum and natural gas sales of $82.2 million on production of 7,324 boe/d;Achieved record quarterly Adjusted EBITDA(1) of $18.0 million, driven by the highest operating netbacks achieved since the closing of the Oxbow Acquisition in June 2021;Attained record quarterly Adjusted funds flow(1) of $14.5 million ($0.45 per basic share);Entered into a definitive agreement to acquire (and subsequent to the quarter, closed the acquisition of) synergistic assets in the Viking area of West-central Saskatchewan (the \"Viking Acquisition\") for total cash consideration of $242.6 million, after interim closing adjustments, which added production of approximately 4,000 boe/d (98% light oil and liquids) with high netbacks and 140 net sections of land;Drilled three horizontal wells in the Oxbow area, targeting Frobisher light oil, with a 100% success rate;Produced record quarterly free funds flow of $8.5 million ($0.27 per basic share), reducing net debt and representing an annualized free funds flow yield of 44%; andExited the second quarter with net debt(1) of $58.2 million realizing a net debt to annualized quarterly adjusted funds flow(1) of 1.0x.Three monthsendedThree monthsendedSix monthsendedSix monthsended (CAD $000s, except per share amounts)June 30, 2022June 30, 2021June 30, 2022June 30, 2021 FINANCIAL HIGHLIGHTS Petroleum and natural gas sales82,23012,589150,67113,911Cash flow from (used) in operating activities20,399(30,265)30,7...