Saturn Oil & Gas Sets Q3 Production Record, Posts C$48 Million Loss

Saturn Oil & Gas Inc. set a third-quarter production record of 43,704 barrels of oil equivalent per day, while a C$48 million loss reflected noncash hedge losses and refinancing costs.

Oil and liquids made up 82% of output. The company’s net loss was C$0.27 per share and primarily reflected unrealized hedge losses and one-time costs associated with refinancing senior notes.

Saturn reaffirmed an exit production target of 54,000 to 56,000 boe/d for year-end 2026. The target depends on closing the planned Corex Resources acquisition, which Saturn expected to close before Christmas 2026.

The C$302 million cash-and-shares deal is expected to add about 7,000 barrels per day of light and medium crude production in Manitoba.