Saturn Oil & Gas Inc. (TSE:SOIL) has released an update.
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Saturn Oil & Gas Inc. has agreed to sell its non-core Deer Mountain property in North Alberta for $27 million, aiming to streamline their portfolio and improve operational efficiencies. The transaction, which is expected to close by May 1, 2024, will not affect the company’s 2024 capital expenditure budget and is projected to significantly reduce their net debt. The sale price represents roughly three times the forecasted 12-month net operating income from the property, demonstrating a strategic financial move by Saturn.
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