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Saturn Oil & Gas Inc. Reports Q2 2024 Financial and Operational Results Highlighted by Record Quarterly Production and Adjusted Funds Flow
Calgary, Alberta--(Newsfile Corp. - July 30, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: ...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"\nSaturn Oil & Gas Inc. Reports Q2 2024 Financial and Operational Results Highlighted by Record Quarterly Production and Adjusted Funds FlowCalgary, Alberta--(Newsfile Corp. - July 30, 2024) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) (\"Saturn\" or the \"Company\") is pleased to report its financial and operating results for the three and six months ended June 30, 2024.\"Saturn's capital structure changes implemented in Q2 2024, in conjunction with a major acquisition, will serve as an inflection point in establishing the Company as a leading independent growing energy producer in Western Canada.\" commented John Jeffrey, Chief Executive Officer of Saturn. \"In June 2024, the Company increased its crude oil production base by over 50% and reduced its interest rate on borrowed funds by approximately 40%, bolstering Saturn's sustainable free funds flow generation capability per share, with a drastically reduced cost of capital.\"Second Quarter 2024 Highlights:Closed an acquisition of two oil-weighted asset packages of approximately 13,000 boe/d(2) in its existing core operating areas in Southern Saskatchewan for total cash consideration of approximately $534.8 million;Achieved Q2 2024 exit production of approximately 38,300 boe/d(2);Replaced the Company's Senior Term Loan with US$650.0 million of Senior Secured Notes (\"Senior Notes\") bearing an interest rate of 9.625% per annum due June 15, 2029;Completed a bought deal equity financing for total gross proceeds of $100.0 million;Entered into a $150.0 million credit facility with a syndicate of banks which was undrawn at June 30, 2024;Achieved record average production of 30,128 boe/d, compared to 25,988 boe/d in the second quarter of 2023;Recognized petroleum and natural gas sales of $208.9 million, up from $176.0 million in the second quarter of 2023;Generated record quarterly adjusted EBITDA(1) of $106.0 million, compared to $92.9 million in the second of 2023;Achieved quarterly adjusted funds flow(1) of $88.6 million, up from $67.0 million in the second quarter of 2023;Invested $22.5 million in capital expenditures(1) during the second quarter of 2024, drilling seven gross (6.0 net) wells including six in Southeast Saskatchewan; and one in West Central Saskatchewan;Generated free funds flow(1) of $66.1 million, up from $53.1 million in the second quarte...