News Releases

Baker Botts Advises Saturn Oil & Gas Inc. in U.S. $625 Million Debt Commitment and C$100 Million Bought Deal Equity Financing in Connection with C$525 Million Saskatchewan Asset Acquisition


Deal Description: Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) (“Saturn”) recently announced the signing of an acquisition of two oil-weighted asset packages in southern Saskatchewan (the “Acquisition“) that are contiguous with Saturn’s existing Saskatchewan asset base, for total net cash consideration of approximately C$525 million. The closing date of the Acquisition is expected on or about June 14, 2024 with an effective date of January 1, 2024, subject to customary approvals and closing conditions.

The Acquisition will be funded through a U.S. $625 million debt commitment provided by Goldman Sachs, subject to customary conditions, which will replace Saturn’s existing senior secured term loan facility, as well as a bought-deal subscription receipt financing for aggregate gross proceeds of approximately C$100 million. 

Saturn is a Canadian energy company with a portfolio of operated assets in Saskatchewan and Alberta that provide long-term economic drilling opportunities across multiple zones.

Saturn’s press release can be found here.

Baker Botts represented Saturn in connection with the debt commitment and the U.S. aspects of the bought deal.

Baker Botts Lawyers/Offices Involved:

Corporate: Joshua Davidson (Partner, Houston), Carina Antweil (Partner, Houston), Andrew Schulte (Special Counsel, Houston), Austin Lee (Associate, Houston), Talha Chaudhry (Associate, Houston).

Finance: Clint Culpepper (Partner, Austin), Brittany Simington (Senior Associate, Dallas), Dela Peimani (Senior Associate, Austin), Morgan Copher (Associate, Dallas).

Baker Botts is an international law firm whose lawyers practice throughout a network of offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit



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