- Saturn Oil & Gas (SOIL) has signed an agreement to acquire Ridgeback Resources for $525 million consisting of $475 million in cash and $50 million of common shares
- Ridgeback Resources is a privately held oil and gas producer focused on light oil in Saskatchewan and Alberta
- The acquisition will expand Saturn’s pro forma production by approximately 140 per cent to ~30,000 boe/d2 of sustainable, light oil-focused, high netback production
- CEO John Jeffrey sat down with Sabrina Cuthbert to discuss the acquisition
- Saturn Oil & Gas Inc. opened trading at C$2.55 per share
Saturn Oil & Gas (SOIL) has signed an agreement to acquire Ridgeback Resources for $525 million.
Payment will consist of $475 million in cash and $50 million of common shares.
Ridgeback Resources is a privately held oil and gas producer focused on light oil in Saskatchewan and Alberta.
The acquisition will expand Saturn’s pro forma production by approximately 140 per cent to ~30,000 boe/d2 of sustainable, light oil-focused, high netback production.
John Jeffrey, CEO of Saturn Oil & Gas, sat down with Sabrina Cuthbert to discuss the acquisition.
“This transformational acquisition is an important step for Saturn to establish material scale in its Alberta and Saskatchewan operations, where we will leverage our high-quality light oil-focused production that has considerable prospective development drilling inventory, our teams track record of operational outperformance and capital efficiency, a strong hedge book, and supportive strategic equity backers like GMT Capital Corp. and Libra Advisors, LLC to mitigate corporate risk, rapidly deleverage, and sustainably grow profitably for many years to come. The attractive acquisition metrics and compelling economics of the Ridgeback Acquisition paired up with our existing portfolio of free cash flow generating assets will allow Saturn to repay all corporate indebtedness within three years and ultimately provide a significant return of capital to enhance shareholder value.”
Saturn Oil & Gas Inc. is a Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil-weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities.
Saturn Oil & Gas Inc. (SOIL) opened trading at C$2.55 per share.
