One of Saskatchewan’s fastest-growing energy companies has announced a major milestone after the Toronto Stock Exchange approved the company for graduation onto its main trading board.
This means that investors will be able to directly publicly trade the company’s stock instead of relying on stock warrants, which are a form of contract with the investor issued directly from the company.
According to Saturn Oil & Gas Inc. press release, the upgrade will give the company increased visibility and attract more diverse international investors.
Commons shares for the company are expected to begin trading on Thursday under the ticker symbol “SOIL” while listed warrants will also transition to the exchange.
“The graduation to the TSX, Canada’s most senior stock exchange, is an exciting achievement for our company,” said Saturn CEO John Jeffrey.
“The hard work of our staff and support of shareholders over the past 24 months has made it possible to rapidly grow into a company that meets the stringent listing requirements of the TSX,” he continued.
“We anticipate that trading on the TSX will provide us with additional visibility in the marketplace, provide our shareholders will additional liquidity and allow access to a broader and more diverse range of international and institutional investors.”
Despite setbacks caused by an earlier than expected wildfire season, Saturn has been able to resume its operations to over 90% with all employees and contractors returning to their respective properties.
According to the company’s 2023 first quarter financial and operational results, Saturn remarked that 13 new wells drilled this year have seen some of the most productive output in the company’s entire history.
“The first quarter of 2023 was a landmark period for Saturn that set new performance records following the closing of the acquisition of Ridgeback Resources, which has enhanced the sustainability and potential profitability of Saturn for years to come,” said Jeffrey.
“Building on the successes from last year’s development program, the 13 new horizontal wells drilled in Q1 2023 have been the most productive group of new wells in Saturn’s history.”
The company has invested a total of $24.3 million in development capital with plans to expand even further in the future.
