Saturn Oil & Gas Inc., Calgary, has agreed to acquire privately held Corex Resources Ltd. for $302 million (Can.) through a plan of arrangement, expanding its light oil position from southeast Saskatchewan into southwest Manitoba.

The acquisition adds about 7,000 b/d of 100% light oil-weighted production and increases Saturn's forecast 2026 exit production rate to 54,000-56,000 boe/d from its previous outlook, the company said Oct. 19.

Corex's assets lie adjacent to Saturn's existing southeast Saskatchewan operations. The company said the transaction adds 323 gross (279 net) identified drilling locations, including booked and unbooked development opportunities, as well as potential open-hole multilateral targets.

The acquired asset base is characterized by an average working interest of about 96% and includes operated production infrastructure, pipelines, and other infrastructure. Saturn said it has identified about $6 million/year in operating and efficiency synergies.

The addition of Corex's production is not expected to affect Saturn’s full-year 2026 average production guidance of 43,000-44,000 boe/d, but, Saturn said, the deal, along with Saturn’s expanded 2026 capital program, positions the company to exit 2026 with production of 54,000-56,000 boe/d, establishing a base for 2027.

The transaction is expected to close in December 2026, subject to customary conditions.