Business
Saturn Oil & Gas Inc. Reports Transformational Q2 2021 Results Following the Close of the Oxbow Acquisition
Calgary, Alberta--(Newsfile Corp. - August 31, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) ...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Reports Transformational Q2 2021 Results Following the Close of the Oxbow AcquisitionCalgary, Alberta--(Newsfile Corp. - August 31, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) (\"Saturn\" or the \"Company\") is pleased to report its financial and operating results for the three and six months ended June 30, 2021.John Jeffrey, Chief Executive of Saturn, commented: \"We are proud to a report a historic quarter in the development of the Company. The acquisition of the Oxbow Asset provides a substantial platform for Saturn's future growth by contributing numerous new drilling opportunities and production optimization projects, as well as a stable long-term cash flow stream to fund these initiatives.\"Second Quarter 2021 Highlights:Successfully closed a transformational acquisition of assets in the Oxbow area of Southeast Saskatchewan (the \"Oxbow Asset\") for cash consideration of $76.8 million, after closing adjustments; At closing, the Oxbow Asset contributed 6,400 boe/d, 43 million boe of proved and probable reserves, 290,109 net acres of land (137,186 undeveloped net acres) and over 350 drilling locations (260 booked locations with certified reserves); Completed $119.2 million of debt and equity financing, including a $87.0 million senior secured term loan, an upsized and oversubscribed brokered private placement and a non-brokered private placement (collectively the \"Private Placements\") which raised total gross proceeds of $32.2 million; Generated second quarter petroleum and natural gas sales of $12.6 million and Adjusted Funds Flow(1) of $2.9 million;Achieved strong operating netbacks for the three and six months ended June 30, 2021 of $29.58 per boe and $30.87 per boe; and Exited the second quarter with net debt of $74.5 million. Three monthsended   Three monthsended  Six monthsended   Six monthsended (CAD $000s, except per share amounts) June 30, 2021  June 30, 2020  June 30, 2021  June 30, 2020 FINANCIAL HIGHLIGHTSPetroleum and natural gas sales12,58942613,9113,591Cashflow used in operating activities(30,265)(954)(30,478)(961)   per share - Basic(0.10)(0.00)(0.11)(0.00)                    - Diluted(0.10)(0.00)(0....