Saturn Oil & Gas to acquire Corex Resources for C$302M

On October 19, 2026, Saturn Oil & Gas Inc. (“Saturn”) announced that it had entered into a definitive arrangement agreement with Corex Resources Ltd. (“Corex”), pursuant to which Saturn will acquire all of the issued and outstanding shares of Corex by way of a plan of arrangement under the Business Corporations Act (Alberta), for total consideration of C$302 million (the “Acquisition”).

The consideration for the Acquisition will consist of approximately C$252 million in cash and the issuance of Saturn common shares having a deemed value of C$50 million. The Acquisition is expected to close in December 2026, subject to customary closing conditions, including court, regulatory and stock exchange approvals.

Corex is a privately held Calgary-based oil and gas company.

Saturn is a light oil-weighted producer based in Calgary, Alberta, with assets in Saskatchewan and Alberta.

McCarthy Tétrault LLP is advising Saturn with a team led by Jack Schroder that includes Farhiyah Shariff, Ashley J. Wilson, Ty Buhler, Conrad Parken (Business Law), Erica Hennessey, Corinne Grigoriu, Jeremey Ho, Abbey Kind (Tax), Dominic Thérien, Vivian Ng (Competition), and Carly Kist (Employment).