Saturn Oil & Gas Inc. acquired Ridgeback Resources Inc. for CAD 525 million on February 28, 2023. The deal, announced on January 20, involved a cash payment of CAD 475 million and the issuance of CAD 50 million of Saturn's common shares to Ridgeback's shareholders. These shares will undergo a staged release: 50% after the first year and the remaining 50% at 15 months post-closing. The acquisition was financed by a CAD 375 million increase in Saturn's term loan and a CAD 125 million subscription receipt financing. The deal was subject to multiple approvals, including regulatory, TSX Venture Exchange, and shareholder consents. Over 80% of Ridgeback's shareholders agreed to support the arrangement. The transaction was expected to finalize in Q1 2023 and was executed by the end of February. Echelon Capital Markets, Canaccord Genuity Corp., CIBC Capital Markets, and TD Securities Inc. acted as financial advisors, while several law firms provided legal counsel for both parties.