CALGARY, Alberta, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (SOIL.V) (SMK.F) is pleased to confirm the commencement of its second half 2019 drilling program, an option grant and that an updated corporate presentation has been posted to its website.
Second Half 2019 Drilling Program
The Company is pleased to confirm that it has commenced its second half 2019 drilling program (the “Program”) focused on increasing production and reserves from the Viking light oil play in west-central Saskatchewan. Saturn commenced drilling five (5.0 net) extended reach horizontal (“ERH”) wells in early August, largely focused in its core Prairiedale area. The first well was spud on August 8, with the balance to be drilled over the next two weeks. The Company anticipates that all five wells will be completed and equipped by early September and on-line by the last week of September, which is expected to have a positive impact on production volumes for the fourth quarter of 2019.
Option Grant and Updated Corporate Presentation
Saturn also announces that pursuant to the Company's Stock Option Plan (the “Plan”) it has granted a total of 2,000,000 stock options at a price of $0.12 per common share to a consultant of the Company. As per the Plan, the options granted are exercisable until August 14, 2024 and vest over a period of 18 months from the date of grant. Grant of the options are subject to the approval of the TSX Venture Exchange. All securities issued on exercise thereof are subject to a hold period expiring four months and one day from the date hereof.
The Company is also pleased to announce that it has posted an updated corporate presentation on its website at www.saturnoil.com, and encourages interested parties to learn more by visiting the site.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. (SOIL.V) (SMK.F) 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
John Jeffrey, MBA - Chief Executive Officer & Chairman
Tel: (306) 955-9946
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 “operating income” and "field netback per bbl". These terms are not prescribed by 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 should not be used to make such comparisons. Such metrics have been included herein to provide readers with additional information to help evaluate the Company’s performance, however, such metrics should not be unduly relied upon. Management uses these 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.
“Operating income” is calculated by the Company as oil and natural gas sales before the impact of derivative instruments, less royalties, operating expenses and transportation expenses, and is a measure of the profitability of operations before administrative, share-based compensation, financing and other non-cash items. Management considers operating income an important measure to evaluate its operational performance as it demonstrates its field level profitability.
“Field netback per bbl” is calculated by the Company as operating income divided by production for the respective period. Management considers field netback per bbl an important measure to evaluate its operational performance as it demonstrates its field level profitability per unit of production.
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.