Calgary, Alberta–(Newsfile Corp. – August 14, 2023) – 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, 2023.
“The three months ended June 30, 2023 represent the first full quarter of positive contribution from the recently completed acquisition of Ridgeback which has driven record quarterly production and cash flow,(1)” commented John Jeffrey, Chief Executive Officer of Saturn. “Saturn is focused on delivering robust free funds flow(1), while sustaining high netback production with a very active drilling program for the second half of 2023. Saturn’s drilling program is now underway in both Alberta and Saskatchewan, developing light oil production in some of the most economic plays in North America.”
Second Quarter 2023 Highlights:
- Record quarterly average production of 25,988 boe/d, compared to 7,324 boe/d in the second quarter of 2022;
- Record quarterly petroleum and natural gas sales of $176.0 million, up from $82.2 million in the second quarter of 2022 and $131.4 million in the first quarter of 2023;
- Operating netback, net of derivatives(1) of $41.87 per boe while the benchmark WTI oil price averaged US$73.75 during the period, compared to $29.91 per boe in the second quarter of 2022 when WTI averaged US$108.41;
- Record quarterly adjusted EBITDA(1) of $92.9 million, compared to $18.0 million in the second quarter of 2022;
- Record quarterly adjusted funds flow(1) of $67.0 million ($0.48 per basic share); compared to $14.5 million ($0.45 per basic share) in the comparable 2022 period;
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