CALGARY, Alberta, April 08, 2019 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) is pleased to announce finishing successfully the drilling, completion, equip and tie-in of its nine (9) wells in Q1 2019.
Saturn has achieved an average production rate in March 2019 of over 1,100 bbl/d with all twenty-nine (29) wells producing by March 25th. The Q1 2019 peak production rate was over 1,400 bbl/day. The Company forecasts its Q2 2019 production volumes will average over 950 bbl/d.
Based on current oil prices and oil differentials, Saturn forecasts royalties of $2.00 to $4.00/bbl and operating/transportation cost forecasts of $12.00 to $14.00/bbl, the Company anticipates field netbacks1 in Q1 2019 would range between $40.00 and $50.00/bbl.
The Company achieved a new corporate milestone sending over 71,000 barrels of light crude to market in Q1 2019. This represents a 52% increase from Q4 2018 and a 300% increase from Q1 2018. The Q1 2019 Financial Statements will be announced latest in May 2019. Additionally, the Company will be releasing the 2018 year-end independent reserve report by its independent reserve evaluator before the end of April 2019.
“Our team has done a fantastic job over the past three months during the coldest winter Saskatchewan has had in 80 years. Saturn’s operational business has never been as successful as today. The equity and debt financings in 2018 brought us to a level of significant independence. We are now fully focused on increasing shareholder value,” stated John Jeffrey, CEO of Saturn.
To learn more about Saturn Oil & Gas Inc., please visit www.saturnoil.com.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. (TSX.V: SOIL) (FSE: SMK) is a public energy Company focused on the acquisition and development of undervalued, low-risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves & production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.
Investor & Media Contact:
Saturn Oil & Gas Inc.
John Jeffrey - CEO
Tel: +1 (306) 955-9946
www.saturnoil.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information Regarding Disclosure on Oil and Gas Operational Information and Non-IFRS Measures
This news release contains metrics commonly used in the oil and natural gas industry, such as “cash flow” and "field netbacks". These terms are not defined in IFRS and do not have standardized meanings or standardized methods of calculation and therefore may not be comparable to similar measures presented by other companies, and therefore should not be used to make such comparisons. Such metrics have been included herein to provide readers with additional information to evaluate the Company’s performance, however such metrics should not be unduly relied upon. Management uses oil and gas metrics for its own performance measurements and to provide shareholders with measures to compare Saturn’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this press release, should not be relied upon for investment or other purposes.
Forward-Looking Information and Statements
Certain statements contained in this release include statements which contain words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "will", "believe" and similar expressions, relating to matters that are not historical facts, and such statements of our beliefs, intentions and expectations about development, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and are based on certain assumptions and analysis made by us derived from our experience and perceptions. Forward-looking information in this release includes, but is not limited to: expected cash flow provided by continuing operations; future capital expenditures, including the amount and nature thereof; oil and natural gas prices and demand; expansion and other development trends of the oil and gas industry; business strategy and outlook; expansion and growth of our business and operations; and maintenance of existing customer, supplier and partner relationships; supply channels; accounting policies; credit risks; and other such matters.
All such forward-looking information is based on certain assumptions and analyses made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances. The risks, uncertainties, and assumptions are difficult to predict and may affect operations, and may include, without limitation: foreign exchange fluctuations; equipment and labour shortages and inflationary costs; general economic conditions; industry conditions; changes in applicable environmental, taxation and other laws and regulations as well as how such laws and regulations are interpreted and enforced; the ability of oil and natural gas companies to raise capital; the effect of weather conditions on operations and facilities; the existence of operating risks; volatility of oil and natural gas prices; oil and gas product supply and demand; risks inherent in the ability to generate sufficient cash flow from operations to meet current and future obligations; increased competition; stock market volatility; opportunities available to or pursued by us; and other factors, many of which are beyond our control.
Actual results, performance or achievements could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do, what benefits will be derived there from. Except as required by law, Saturn disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
The forward-looking information contained herein is expressly qualified by this cautionary statement.
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1 Non-IFRS measure that does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other entities. Refer to the section entitled “Information Regarding Disclosure on Oil and Gas Operational Information and Non-IFRS Measures”.