• Saturn Oil & Gas (SOIL) has released results for the three and twelve months ended December 31, 2022
  • The company achieved record production with a Q4 average of 12,514 boe/d (96 per cent oil and NGL), up 72 per cent YoY
  • Average 2022 production increased 133 per cent to 9,593 boe/d, compared to 2021’s average of 4,117 boe/d
  • Plans for 2023 include a focus on stable sustainable production and debt reduction
  • CEO John Jeffrey spoke with Brieanna McCutcheon about the news
  • Saturn Oil & Gas is a Canadian energy company developing high-quality, light oil-weighted assets in Alberta and Saskatchewan
  • Saturn Oil & Gas (SOIL) last traded at $2.42 per share

Saturn Oil & Gas (SOIL) has released results for the three and twelve months ended December 31, 2022.

Q4 and 2022 highlights

  • Saturn achieved record production and matched corporate guidance with a Q4 average of 12,514 boe/d (96 per cent oil and NGL), compared to 7,279 boe/d (95 per cent oil and NGL) in Q4 2021, an increase of 72 per cent
  • Average 2022 production increased 133 per cent to 9,593 boe/d, compared to 2021’s average of 4,117 boe/d
  • It generated record quarterly adjusted fund flows of $50.7 million ($0.85 per basic share) in Q4, up from $9.7 million ($0.39 per basic share) in Q4 2021, primarily due to the success of the 2022 light oil horizontal well drilling program and Viking asset acquisitions
  • Increased operating netbacks by 201 per cent in Q4 to $64.46 per boe compared to $21.45 per boe in Q4 2021
  • Adjusted fund flows increased 335 per cent to $118.7 million, compared to $27.3 million in 2021
  • Adjusted fund flows per basic share increased 89 per cent to $2.67, compared to $1.41 in 2021
  • Q4 free fund flows were $15.1 million
  • Exited Q4 with $219.8 million net debt, realizing a net debt to quarterly annualized adjusted fund flows of 1.1x
  • Saturn directed $14.2 million in 2022 to abandonment and reclamation activities

The results substantiate strong operations on the back of considerable growth, including 16 new wells in Q4 alone (nine Viking, four Frobisher, two Tilston, and one Alida), its two Viking asset acquisitions, and continued drilling at its Oxbow asset.

Current production is approximately 28,500 boe/d (83 per cent crude oil and NGLs), based on March 2023 field estimates.

This year has also seen the completion of the company’s acquisition of Ridgeback Resources, a privately held oil and gas producer focused on light oil in Saskatchewan and Alberta.

Plans for 2023 include a focus on stable sustainable production funded internally by organic projects and continued efforts toward debt reduction.

CEO John Jeffrey spoke with Brieanna McCutcheon about the news.

Saturn Oil & Gas is a Canadian energy company developing high-quality, light oil-weighted assets in Alberta and Saskatchewan.

Saturn Oil & Gas (SOIL) last traded at $2.42 per share.

This is sponsored content, please see full disclaimer here.


More From The Market Online
International Investment Forum

IIF Online Capital Market Conference: Unlocking small cap potential in 2024

The 10th International Investment Forum brings together companies from climate protection, biotech, energy, technology and mining sectors.

Enbridge exceeds guidance, reports $1.73B Q4 2023 profit

Canadian energy stock Enbridge (TSX:ENB) reported its Q4 2023 financial results, noting a profit below analysts' estimates.

High-conviction oil stock issues robust 2024 guidance

Saturn Oil & Gas (TSX:SOIL), a high-conviction oil stock, has released a value-accretive capital and operating budget for 2024.

Three small-cap value stocks to buy today

The key to succeeding as a small-cap value investor is the consistent identification of stocks that run counter to underlying company development.