Business
Saturn Oil & Gas Inc. Reports Record Cash Flow from Operations in Q3 2021 Results
Calgary, Alberta--(Newsfile Corp. - November 15, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Reports Record Cash Flow from Operations in Q3 2021 ResultsCalgary, Alberta--(Newsfile Corp. - November 15, 2021) - 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 nine months ended September 30, 2021.John Jeffrey, Chief Executive of Saturn, commented: \"Reinstating the Company's drilling program in the third quarter was an important step to continuing our growth strategy as a light oil focused producer. The success of the of Q3 2021 drilling program was combined with a period of high oil prices, strong operating netbacks and robust economic returns on invested capital. Saturn looks forward to continuing it's drilling program and capitalizing on our deep inventory of oil focused drilling locations, funded with internally generated cash flow.\"Third Quarter 2021 Highlights:Achieved third quarter average production of 6,970 boe/d (96% oil and NGLs) in 2021 compared to 499 boe/d (100% oil) in the third quarter of 2020;Generated adjusted funds flow1 of $13.9 million ($0.55 per consolidated basic share) in the three months ended September 30, 2021 compared to $1.0 million in Q3 2020 ($0.09 per consolidated basic share);Achieved an operating netback1 for the three and nine months ended September 30, 2021 of $28.83 per boe and $29.55 per boe;Invested $4.5 million development capital in the third quarter, drilling three 100% working interest Viking wells, participating in two (0.54 net) non-operated wells and workovers of existing wells;Generated third quarter free funds flow1 of $9.5 million, excluding property acquisition expenditures of $2.6 million relating to the Oxbow Asset;Exited the third quarter with $71.8 million net debt1, compared to $74.5 million at the end of the previous quarter, realizing an annualized net debt to adjusted funds flow1 of 1.3x.  Three months ended September 30,  Nine months ended September 30, (CAD $000s, except per share amounts)2021202020212020FINANCIAL HIGHLIGHTSPetroleum and natural gas sales48,4972,12762,4085,718Cash flow from (used in) operating activities16,160836(14,318)(124)     per share - Basic0.030.00(0.04)(0.00)                  &...