Saturn Oil & Gas (OTCQX:OILSF, TSX:SOIL) amended its syndicated credit facility, extending the tenor from two to three years, with maturity now on July 31, 2029.
The elected commitment increased from $150 million to $200 million, within a total borrowing base and commitments of up to $500 million, and the company expects a lower borrowing cost.
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- Credit facility tenor extended from two to three years, maturing July 31, 2029
- Elected commitment raised from $150 million to $200 million
- Total available borrowing base and commitments increased to up to $500 million
- Company expects a lower cost of borrowing under the amended facility
Calgary, Alberta–(Newsfile Corp. – July 6, 2026) – Saturn Oil & Gas Inc. (TSX: SOIL) (OTCQX: OILSF) (“Saturn” or the “Company“), a light oil-weighted producer focused on unlocking value through the development of our assets in Saskatchewan and Alberta, is pleased to announce that the Company has entered into a credit agreement amendment dated June 30, 2026 to amend our syndicated credit facility (the “Credit Facility“). The tenor of the Credit Facility has been amended from two years to three years, with the new current maturity date extending to July 31, 2029. Saturn’s elected commitment under the Credit Facility increased from
“As we continue to execute on our strategic blueprint, we are pleased that Saturn’s performance, disciplined capital allocation and profitability enhancements have afforded us greater liquidity and financial flexibility to deliver long-term value for shareholders,” said John Jeffrey, CEO of Saturn. “Not only have we extended the maturity of our Credit Facility to three years, we will also benefit from a lower cost of borrowing that reflects the Company’s greater size and scale, along with our proven track record of developing light-oil weighted assets. We would like to thank our lenders for their continued support and confidence in Saturn.”
National Bank of Canada Capital Markets is acting as Co-Lead Arranger and Sole Bookrunner for the Credit Facility, with ATB Financial acting as Co-Lead Arranger, along with Goldman Sachs Bank USA as Lender. The Credit Facility is a committed facility subject to a semi-annual borrowing base redetermination on or before June 30th and November 30th of each year, with the next review set to occur June 30th, 2027. The amended and restated Credit Facility agreement will be made available on Saturn’s SEDAR+ profile at www.sedarplus.ca.
ABOUT SATURN
Saturn is a returns-driven Canadian energy company focused on the efficient, responsible and innovative development of high-quality, light oil weighted assets, supported by an acquisition strategy targeting accretive and complementary opportunities. The Company’s portfolio of free-cash flowing, low-decline operated assets in Saskatchewan and Alberta provide a deep inventory of long-term economic drilling opportunities across multiple zones. With an unwavering commitment to building an entrepreneurial and safety-focused culture, Saturn’s goal is to increase per Share reserves, production and cash flow at an attractive return on invested capital. The Company’s Shares are listed for trading on the TSX under ticker ‘SOIL’ and on the OTCQX under the ticker ‘OILSF‘. Further information and our corporate presentation are available on Saturn’s website at www.saturnoil.com.
READER ADVISORIES
Forward-Looking Information and Statements
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “scheduled”, “will” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to: the sufficiency of liquidity for the execution of the business plan and the Company’s near and medium term strategic plans; the expectation of lower borrowing costs; anticipated benefits of the amended Credit Facility; future availability of borrowing capacity; and the timing of borrowing base reviews.
The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Saturn, including expectations and assumptions concerning the business plan.
Although Saturn believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Saturn can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual plans and results could differ materially from those currently anticipated due to a number of factors and risks, including the risks set out under “Risk Factors” in Saturn’s Management Discussion and Analysis for the three and twelve months ended December 31, 2025, and Annual Information Form for the year ended December 31, 2025, available on SEDAR+ at www.sedarplus.ca.
Forward-looking information is based on a number of factors and assumptions which have been used to develop such information, but which may prove to be incorrect. Although Saturn believes that the expectations reflected in its forward-looking information are reasonable, undue reliance should not be placed on forward-looking information because Saturn can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, our capital expenditure and drilling programs and future production and growth plans. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which have been used.
The forward-looking information contained in this press release is made as of the date hereof and Saturn undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/304126
FAQ
What did Saturn Oil & Gas (OILSF) announce about its credit facility on July 6, 2026?
Saturn Oil & Gas announced an amendment to its syndicated credit facility, extending its tenor and increasing available commitments. According to Saturn, the facility now offers higher elected commitments, a larger borrowing base, and improved borrowing costs to support its operations in Saskatchewan and Alberta.
How much did Saturn Oil & Gas (OILSF) increase its elected commitment under the credit facility?
Saturn Oil & Gas increased its elected commitment from $150 million to $200 million. According to Saturn, the company now has access to a total available borrowing base and commitments of up to $500 million under the amended syndicated credit facility.
What is the new maturity date of Saturn Oil & Gas (OILSF) syndicated credit facility?
The amended syndicated credit facility for Saturn Oil & Gas now matures on July 31, 2029. According to Saturn, the tenor was extended from two years to three years, enhancing financial flexibility and aligning funding with its long-term development strategy in Saskatchewan and Alberta.
How does the amended credit facility affect borrowing costs for Saturn Oil & Gas (OILSF)?
Saturn Oil & Gas expects a lower cost of borrowing under the amended credit facility. According to Saturn, the improved pricing reflects the company’s greater size, scale, and track record in developing light oil-weighted assets, supporting long-term value creation for shareholders.
Who are the key lenders in Saturn Oil & Gas (OILSF) amended syndicated credit facility?
The key lenders and arrangers include National Bank of Canada Capital Markets, ATB Financial, and Goldman Sachs Bank USA. According to Saturn, National Bank acts as Co-Lead Arranger and Sole Bookrunner, with ATB Financial as Co-Lead Arranger and Goldman Sachs Bank USA as Lender.
When is the next borrowing base redetermination for Saturn Oil & Gas (OILSF) credit facility?
The next borrowing base redetermination for Saturn Oil & Gas is scheduled for June 30, 2027. According to Saturn, the committed facility is subject to semi-annual borrowing base reviews on or before June 30 and November 30 of each year.
Source: Original Article
