Saturn Oil & Gas Inc. Continues Strategic Core Area Expansion with Acquisition of 100% Light Oil-Weighted Corex Resources Ltd.
Saturn Oil & Gas Inc. has announced the acquisition of Corex Resources Ltd. for $302 million to expand its light oil production in Saskatchewan and Manitoba. The deal is expected to increase Saturn's 2026 production forecast and add significant drilling inventory to its portfolio.
Why it matters
This acquisition represents a strategic consolidation in the Canadian energy sector, aimed at increasing production efficiency and long-term asset value.
Acquisition adds ~7,000 bbl/d (1,5) of 100% light oil production, expanding Saturn ’s Southeast Saskatchewan core area into Manitoba and increasing our forecast 2026 exit production rate to 54,000 – 56,000 boe/d (1,6) Accretive $82.00/bbl (2) netbacks at current strip pricing, contributing to an estimated $192 million of run-rate net operating income (NOI) (2,5) Purchase price of $302 million represents 1.6x NOI (2,5) and 82% of PDP NPV10 (4) value, aligning with Saturn’s blueprint strategy Transaction is expected to be immediately accretive to operating netback, adjusted funds flow per share and free funds flow per share, while exit 2027 target leverage metrics remain unchanged at under one times Complementary development adds 323 gross (279 net) identified locations (3,7) to Saturn’s drilling inventory, with incremental open hole multi-lateral potential not reflected in current reserves value Calgary, Alberta–(Newsfile Corp. – October 19, 2026) – Saturn Oil & Gas Inc.
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