Saturn Oil & Gas Acquires Ridgeback Resources Inc.
February 28, 2023
Saturn Oil & Gas Inc. completed the acquisition of privately held Ridgeback Resources Inc. for approximately C$516 million, using C$475 million cash and ~19.4 million common shares as consideration. The deal adds about 17,000 boe/d of light oil-weighted production (bringing Saturn's target run rate to over 30,000 boe/d), expands its core Saskatchewan and Alberta asset base, and was funded via equity financing and an increased credit facility.
- Buyers
- Saturn Oil & Gas Inc.
- Targets
- Ridgeback Resources Inc.
- Industry
- Oil & Gas
- Location
- Alberta, Canada
- Transaction Type
- Buyout
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