Saturn Oil & Gas Agrees to Acquire Corex for C$302 Million

Saturn Oil & Gas Inc. has agreed to acquire privately held Corex Resources Ltd. for C$302 million in cash and shares, adding about 7,000 barrels a day of light and medium crude oil production in Manitoba.

The consideration for Corex shareholders includes C$252 million in cash and C$50 million in Saturn common shares. The deal values each Corex share at C$6.31. Saturn plans to fund the cash portion with cash on hand and a draw on its credit facility.

Saturn projects year-end 2026 production of 54,000 to 56,000 barrels of oil equivalent per day, factoring in the acquisition and an expanded 2026 capital program.

Corex shareholders holding about 72% of its shares approved the transaction through a written resolution, exceeding the required two-thirds threshold. The companies expect to close by Dec. 31, subject to court, regulatory and Toronto Stock Exchange approvals.