- Saturn Oil & Gas (SOIL) has reported its financial and operating results for the three and nine months ended September 30, 2022
- John Jeffrey, CEO of Saturn, sat down with Daniella Atkinson to discuss the results
- Saturn Oil & Gas Inc. is a growing Canadian energy company
- Saturn Oil & Gas Inc. (SOIL) opened trading at C$3.04
Saturn Oil & Gas (SOIL) has reported its financial and operating results for the three and nine months ended September 30, 2022.
John Jeffrey, CEO of Saturn, sat down with Daniella Atkinson to discuss the results.
“The third quarter of 2022 is the first reporting period reflecting the highly positive impact of the Viking acquisition, closed on July 6, 2022, in terms of increased netbacks and additional production, resulting in record corporate cash flow. Saturn is now actively developing the newly acquired Viking asset with 21 of our recent 27 drilled Viking wells targeting light oil on the new acreage, with a 100 per cent success rate.”
Q3 highlights:
- Closed the Viking Acquisition for $240.1 million
- Realized record average production in the third quarter of 2022 of 10,965 boe/d, a 57% increase compared to the third quarter of 2021
- Achieved record quarterly petroleum and natural gas sales of $105.7 million, up 29% from the second quarter of 2022 and an increase of 124% from the third quarter of 2021
- Achieved record quarterly Adjusted EBITDA of $50.3 million, a 179% increase over $18.0 million in Q2 2022
- Generated Adjusted funds flow of $39.8 million in the three months ended September 30, 2022 ($0.69 per basic share), an increase of 174 % from Q2 2022
- Invested $36.8 million of development capital in the third quarter, drilling 30 100% working interest wells and spudding an additional four 100% working interest Viking wells prior to the end of the quarter.
The third quarter of 2022 has been the most active drilling period in the company’s history. Saturn has drilled 29 horizontal wells targeting light oil in the Viking and Oxbow core operating areas with a 100% success rate and a 100% working interest.
Saturn Oil & Gas Inc. is a growing Canadian energy company focused on generating positive shareholder returns through the responsible development of high-quality, light oil-weighted assets.
Saturn Oil & Gas Inc. (SOIL) opened trading at C$3.04.