Saturn has released an operational update for the first quarter of 2019.
Saturn Oil & Gas (TSXV:SOIL,FWB:SMK) has announced it has successfully finished the drilling, completion, equip and tie-in of its nine wells during Q1 2019.
As quoted from the press release:
Saturn has achieved an average production rate in March 2019 of over 1,100 bbl/d with all 29 wells producing by March 25th. The Q1 2019 peak production rate was over 1,400 bbl/day. The company forecasts its Q2 2019 production volumes will average over 950 bbl/d.
ased on current oil prices and oil differentials, Saturn forecasts royalties of C$2.00 to C$4.00/bbl and operating/transportation cost forecasts of $12.00 to $14.00/bbl, the Company anticipates field netbacks* in Q1 2019 would range between C$40.00 and C$50.00/bbl.
The company achieved a new corporate milestone sending over 71,000 barrels of light crude to market in Q1 2019. This represents a 52 percent increase from Q4 2018 and a 300 percent increase from Q1 2018. The Q1 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.