On January 24, 2023, Saturn Oil & Gas Inc. announced a $125 million subscription receipts offering, which closed on January 31, 2023. The offering included 59,242,000 subscription receipts at $2.11 each, raising net proceeds of approximately $116.3 million after fees. These funds will partially finance Saturn’s $525 million acquisition of Ridgeback Resources Inc., comprising $475 million in cash and 19,406,171 common shares.

The underwriting syndicate included Echelon Wealth Partners Inc. (co-lead and sole bookrunner), Canaccord Genuity Corp. (co-lead), Eight Capital, Beacon Securities Limited, and Paradigm Capital Inc. Legal counsel was Dentons Canada LLP for Saturn and DLA Piper (Canada) LLP for the underwriters. Computershare Trust Company of Canada acted as escrow agent.

The acquisition enhances Saturn’s production by 17,000 barrels of oil equivalent per day and expands its strategic assets across Saskatchewan and Alberta, positioning the company as a significant intermediate producer.