Saturn Oil & Gas agreed on 19 October 2026 to acquire private producer Corex Resources for C$6.31 a share, or about C$302m.
Why Saturn Oil & Gas Inc. is buying Corex Resources Ltd.
Saturn said Corex adds about 7,000 bbl/d of high-netback light oil adjacent to its existing core area, at about 1.6 times run-rate net operating income.
Deal terms and financing
Corex holders can elect cash or 0.88086 Saturn shares per Corex share, subject to proration, with overall consideration of about C$252m in cash and C$50m in Saturn shares. Shares issued to Azimuth Energy Partners funds will be locked up for 18 months.
Regulatory approvals and timing
The arrangement needs court approval, clearance under the Competition Act and TSX approval, and is expected to close by the end of 2026.
Market context
The purchase continues Saturn's acquisition-led expansion in Western Canadian light oil, funded from cash on hand and its credit facility.
