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Saturn Oil & Gas Inc. Announces Q1 2020 Results

Written by Customer Service on . Posted in Public Companies.

CALGARY, Alberta, June 04, 2020 (GLOBE NEWSWIRE) — Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) today announced its financial and operating results for the three month period ended March 31, 2020.
The Company’s unaudited interim financial statements and corresponding Management’s Discussion and Analysis (“MD&A”) for the three month period ended March 31, 2020 are available on SEDAR at www.sedar.com and on Saturn’s website at www.saturnoil.com.  Copies of the materials can also be obtained upon request without charge by contacting the Company directly.  Please note, currency figures presented herein are reflected in Canadian dollars, unless otherwise noted.First Quarter HighlightsSaturn’s strategy continues to be focused on the acquisition and development of high-quality Viking light oil assets.Production averaged 706 bbls/day, despite not bringing any new wells on-line given the current world economic conditions resulting from the impact of COVID-19.Adjusted EBITDAX (before pro-forma adjustments) was $2.05 million, a $0.78 million decrease from the same period in 2019 (see “Non-IFRS Measures”), primarily due to the decrease in production and realized price per barrel (see “Non-IFRS Measures”).Net income for the period ending March was $657,851, compared to $1.64 million in the same period of 2019.  The decrease of $0.98 million was primarily a result of lower production from not bringing on any new wells in the period.Realized gain on derivative instruments was $288,015 for the period ending March 31, 2020, a $317,453 increase from the same period in 2019. Unrealized gain on derivative instruments was $3.28 million for the period ending March 31, 2020.Saturn’s operating netback (see “Non-IFRS Measures”) before realized loss on derivatives was $37.00/bbl, a decrease of $12.25/bbl from the same period in 2019.  The year-over-year decrease was primarily due to a decline of $13.87/bbl in the realized price, offset by a reduction in operating costs of $1.06/bbl.At March 31, 2020, Saturn had US$19.99 million of borrowings (CAD$28.36 million converted at an exchange rate of $1.00 USD to $1.4187 CAD on March 31, 2020) drawn against its US$20.00 million Revolving Note (CAD$28.37 million using the period-end exchange rate).

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