The Globe and Mail reports in its Thursday edition that Echelon Capital analyst Adam Gill commenced coverage on Saturn Oil & Gas with a "buy" recommendation and $5.65 share target. The Globe's David Leeder writes that analysts on average target the shares at $5.80. Mr. Gill says in a note: "Saturn has been a quickly growing oil producer, driven by acquisitions, growing from 233 Boe/d in Q121 to 27,000 MBoe/d today. A large part of the financing for the acquisitions has come via senior term debt with a U.S. family office that has a rapid payback period (post the Ridgeback deal in Q123, $202.9-million is due back in Q2-Q423 with an additional $202.8-million due in 2024, with $557.5-million outstanding at the end of Q223). We believe that as this debt is extinguished, the market will rerate the stock higher as the company's risk profile improves. We see numerous positives in the Saturn story: 1) In the current strip environment and under our conservative capital assumptions, Saturn is in solid shape to address the senior term note payback and still have a very discounted valuation; and 2) The company has been executing well in its core plays, notably seeing an improvement in Oxbow drilling year-to-date."