Exceeding Production and Cost Guidance
For the third consecutive quarter, production was above the high end of the guidance range at just over 40,400 BOE a day, while operating costs were under the low end of the guidance.
Significant Net Debt Reduction
Net debt was reduced to $695 million, a reduction of nearly $120 million over the prior quarter, exceeding the forecasted $100 million net debt reduction.
Record Free Funds Flow
The company reported record free funds flow of $93 million, despite an 11% decline in WTI prices quarter-over-quarter.
Successful M&A Strategy
Closed a $5 million corporate tuck-in acquisition in Southeast Saskatchewan, estimated to contribute over 100% of the purchase price to the cash flow of the company over the next 12 to 18 months.
Strong Well Performance
Saturn's wells performed above expectations, with notable achievements including one of the top 3 best-performing Saskatchewan liquids wells and Canada's longest Cardium well ever drilled.
Share Buyback and Increased Market Cap
Saturn returned $3.3 million to shareholders through the NCIB and $3.5 million through the SIB, resulting in a market cap increase of over $100 million.