Brian Zinchuk is editor and owner of Pipeline Online
Beautiful sunrise at the Savanna 431 drilling rig on the Saturn 10-20-25-17W3 oil well location. This is the first section of land to be drilled on what Saturn said was its transformational Viking Acquisition that closed July 6, 2022. Saturn Oil & Gas
Saturn is one of Saskatchewan’s fastest growing oil companies
CALGARY –The Jeffersons (remember them?) may have been movin’ on up, to a deluxe apartment in the sky, but Saturn Oil & Gas just pulled off a similar move of its own.
One of Saskatchewan’s fastest growing oil companies in recent years, Saturn Oil & Gas Inc. has increased its land holdings and production tremendously in southeast Saskatchewan. And now it has received approval from the Toronto Stock Exchange (TSX) to graduate the listing of its common shares to the main board of the TSX.
Saturn said in a press release on June 13 it expects the common shares to commence trading under the symbol “SOIL” on the TSX on June 15, 2023, at which time trading on the TSX Venture Exchange will cease. No action is required to be taken by Saturn shareholders. The company’s listed warrants (expiring July 7, 2023 and March 10, 2025, respectively) will also transition to the TSX.
Now we’re up in the big leagues, gettin’ our turn at bat
“The graduation to the TSX, Canada’s most senior stock exchange, is an exciting achievement for our company” said John Jeffrey, CEO of Saturn, in a release. “The hard work of our staff and support of shareholders over the past 24 months has made it possible to rapidly grow into a company that meets the stringent listing requirements of the TSX. We anticipate that trading on the TSX will provide us with additional visibility in the marketplace, provide our shareholders will additional liquidity and allow access to a broader and more diverse range of international and institutional investors.”
Saturn Oil & Gas president and CEO John Jeffrey, speaking to European investors via Zoom. Screen capture
Wildfire update
Saturn also announced that it has restored over 90 per cent of the estimated 10,000 boepd (60 per cent oil and NGLs) of production that was curtailed since May 4, 2023 as a result of the wildfires in Alberta. We are relieved to report that all of Saturn’s employees and contractors that were displaced by the wildfires have returned to their undamaged homes. Saturn said it is assessing the potential damage of our wells and infrastructure, and we are currently not aware of any significant impairments.
The company also confirmed that 268,333,333 of the Company’s listed common share purchase warrants exercisable on a 20:1 basis at $0.16 per share (ticker SOIL.WT) have expired and have ceased trading on the TSX Venture Exchange effective June 5, 2023. As the warrants were listed, amendments to the terms thereof (including any extension or price adjustment) was not permissible within the rules of the TSX Venture Exchange’s Corporate Finance Manual.
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