Saturn Oil & Gas Inc. exceeds 1,400 bopd, 300% increase from 2018
CALGARY -- Saturn Oil & Gas Inc. is pleased to announce finishing successfully the drilling, completion, equip and tie-in of its nine (9) wells in first-quarter 2019.
Saturn has achieved an average production rate in March 2019 of over 1,100 bopd with all twenty-nine (29) wells producing by March 25, 2019. The first-quarter 2019 peak production rate was over 1,400 bopd. The Company forecasts its second-quarter 2019 production volumes will average over 950 bopd.
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 first-quarter 2019 would range between $40.00 and $50.00/bbl.
The Company achieved a new corporate milestone sending over 71,000 bbl of light crude to market in first quarter 2019. This represents a 52% increase from fourth-quarter 2018 and a 300% increase from first-quarter 2018. The first-quarter 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.
