Saturn Oil & Gas Inc. (“Saturn” or the “Company”) 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 netbacks* 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. For more information, visit www.saturnoil.com.
*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”.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. 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.
SOURCE: Saturn Oil & Gas Inc.