Business
Saturn Oil & Gas Inc. Reports Record Production in Q4 and Year End 2021 Results
Calgary, Alberta--(Newsfile Corp. - April 29, 2022) - Saturn Oil & Gas Inc. (TSXV: SOIL) (...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Reports Record Production in Q4 and Year End 2021 ResultsCalgary, Alberta--(Newsfile Corp. - April 29, 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 twelve months ended December 31, 2021.\"The fourth quarter of 2021 was an important milestone for Saturn as we initiated our first drilling program at our newly acquired Oxbow Asset,\" commented Justin Kaufmann, Senior Vice President Exploration. \"Our inaugural Oxbow drilling program was highlighted with the top performing well drilled in Saskatchewan in Q4 2021 of the 550+ wells drilled with over 500 hours of production data.\"Fourth Quarter and 2021 Annual Highlights:Achieved corporate record production with fourth quarter 2021 average of 7,279 boe/d, compared to 415 boe/d in the fourth quarter of 2020, an increase of 1,654%;Generated adjusted funds flow(1) of $9.7 million and $27.3 million in the three and twelve months ended December 31, 2021 compared to $1.2 million and $3.5 million in the comparable 2020 periods primarily due to contributions from the operations of the Oxbow Asset;Achieved operating netbacks(1) for the three and twelve months ended December 31, 2021 of $35.66 per boe and $36.38 per boe;Invested $3.6 million development capital in the fourth quarter, drilling four 100% working interest Frobisher wells;Generated fourth quarter free adjusted funds flow(1) of $5.7 million, excluding property acquisition expenditures of $2.8 million relating to the Oxbow Asset; andExited the fourth quarter with $71.1 million net debt(1), realizing an annualized net debt to H2 2021 adjusted funds flow of 1.5x(1).Three months ended December 31,For the year ended December 31,(CAD $000s, except per share amounts)  2021   2020   2021   2020 FINANCIAL HIGHLIGHTS Petroleum and natural gas sales 54,4811,831116,2147,549             Cash flow from (used in) operating activities 13,033976(1,285)851per share - Basic 0.520.08(0.07)0.07                     - Diluted0.310.08(0.07)0.07             Adjusted funds...