Saturn Oil & Gas Inc. finalizes acquisition of Saskatchewan assets

Saturn Oil & Gas Inc. Completes Acquisition of Oil-Weighted Assets in Southern Saskatchewan

Saturn Oil & Gas Inc. Completes Acquisition of Oil-Weighted Assets in Southern Saskatchewan

Calgary, Alberta–(Newsfile Corp. – June 14, 2024) – Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) announced today the successful completion of the acquisition of oil-weighted assets in Southern Saskatchewan. The net cash purchase price of the acquisition was funded by proceeds from a high yield note offering and a bought deal subscription receipt financing, totaling $100 million. Additionally, the company has repaid its previously outstanding Senior Secured Term Loan, bringing its total outstanding debt to US$650 million.

Saturn has also secured a $150 million reserves-based loan facility led by National Bank of Canada, ATB Financial, and Goldman Sachs Bank USA, which remains undrawn at closing. The Subscription Receipts issued as part of the equity financing were exchanged for common shares in the company, with net proceeds of approximately $96 million released from escrow to fund a portion of the acquisition.

John Jeffrey, Chief Executive Officer of Saturn, stated, “Saturn will continue to focus on generating high rates of return on invested capital and maximizing free cash flow from our low decline, oil-weighted producing assets in Saskatchewan and Alberta. The expanded free cash flow will be used to pay down the Notes and for strategic acquisitions. As the company de-levers, Saturn intends to implement a shareholder return model utilizing dividends and share buy-backs.”

Saturn has received corporate and bond credit ratings from S&P Global Ratings and Moody’s Ratings, reflecting the company’s financial strength and stability. The company’s strategic advisors and legal counsel played a key role in facilitating the acquisition and financing deals.

Saturn Oil & Gas Inc. is a Canadian energy company focused on responsible development of high-quality, light oil weighted assets in Saskatchewan and Alberta. With a commitment to building an ESG-focused culture, Saturn aims to increase reserves, production, and cash flows while delivering positive shareholder returns.

For more information about Saturn Oil & Gas Inc., visit their website at

John Jeffrey, MBA – Chief Executive Officer
Tel: +1 (587) 392-7900

Kevin Smith, MBA – VP Corporate Development
Tel: +1 (587) 392-7900

This news release contains forward-looking information and statements, subject to risks and uncertainties. Readers are advised to review the company’s Annual Information Form for more details on potential risks and factors affecting the business.

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