Saturn Oil and Gas to acquire Corex Resources for C$302 million

Saturn Oil & Gas Inc. agreed on Oct. 19, 2026, to acquire Calgary-based Corex Resources Ltd. for C$302 million after net debt adjustments.

The deal will acquire 100 percent of the issued and outstanding common shares of Corex, a privately held producer with light-oil assets across Saskatchewan, Alberta, and Manitoba.

Corex shareholders will receive $6.31 per share in cash and Saturn common shares. The stock component uses a deemed price of $7.17 per Saturn share, based on the 20-day volume-weighted average price on the Toronto Stock Exchange.

Shareholders may elect to receive $6.31337 in cash, 0.88086 of a Saturn share, or a custom combination. Holders who do not submit an election will receive a default consideration of roughly 83.45 percent cash and 16.55 percent stock. Overall payouts are capped at $252,098,000 in cash and 6,976,128 Saturn shares.

Azimuth Energy Partners funds, Corex's majority shareholder, along with company directors and senior officers, hold about 72 percent of outstanding shares. They have signed support agreements and executed a written resolution approving the deal, exceeding the two-thirds threshold needed for approval. Saturn shares issued to Azimuth will be locked up and released in three equal tranches over 18 months following the closing.

"We are pleased to enter into the Transaction with Saturn and provide liquidity for our shareholders. We believe that Saturn’s business model is attractive, sustainable, and will be further strengthened with the addition of Corex’s assets," Harley Rea, President and CEO of Corex, said in a statement.

The arrangement includes a customary non-solicitation clause with matching rights for Saturn, as well as a $15 million termination fee payable by Corex under certain conditions.

Saturn expects the acquisition to be immediately accretive to operating netback and free funds flow per share. The transaction carries no financing contingency and is expected to close on or before Dec. 31, 2026, subject to court, TSX, and Competition Act approvals.