Saturn oil $10.15 per share $10.15
135%
FYE Dec 31
Assumptions 2020A 2021E 2022E 2023E
WTI (US$/bbl) $39.40 $67.36 $72.00 $75.00
AECO (CDN$/mcf) $2.15 $3.46 $3.20 $3.19
US$/CDN$ $0.75 $0.80 $0.80 $0.80
Production
Crude oil & Liquids (bbl/d) 439 3,896 7,124 7,425
Natural Gas (mmcf/d) - 1.1 2.3 2.6
Total Production (boe/d) 439 4,071 7,500 7,850
Financial ($MM, except Per Share item)
AFF $1.7 $34.7 $77.3 $106.4
CAPEX $1.1 $93.3 $32.5 $40.0
YE Net Debt $34.9 $62.6 $17.8 ($91.6)
Net Debt/AFF 20.6x 1.8x 0.2x -0.9x
AFFPS - Fully Diluted $0.14 $1.79 $2.39 $2.68
EPS - Fully Diluted ($0.66) ($2.55) $0.80 $1.36
P/CF 2.4x 1.8x 1.6x
EV/DACF 4.1x 1.5x 0.7x
EV/BOEPD $42,051 $16,854 $9,553
Shares Outstanding, Basic (MM) 25.1
Shares Outstanding, Diluted (MM) 44.5
Insider Holdings, FD 9%
Market Capitalization (MM) $108.6
Enterprise value (MM) $180.4
All prices in C$ unless otherwise stated
Stock Performance
52 Week Price Range $1.90 - $4.49
Valuation
Stock Data
About the Company
Saturn Oil + Gas is focused on low cost, low risk, light oil in
Saskatchewan that generate sustainable FCF from a deep inventory
of economic drilling locations.
Q3/21 R