The Globe and Mail reports in its Friday, Sept. 22, edition that Canaccord analyst Mike Mueller has elevated his recommendation for Saturn Oil & Gas to "buy" from "speculative buy." The Globe's David Leeder writes that Mr. Mueller gave his share target a 75-cent trim to $5.75. Analysts on average target the shares at $5.62. Mr. Mueller says in a note: "This year's guidance has been updated to reflect (1) the impact of curtailed production in H1/23 resulting from the wildfires in Alberta; (2) a delayed start to its winter drilling program; and (3) a reduced capital program this year. Development capital is now expected to total $130-million this year, down from $161-million previously, with 60 per cent of the spend occurring between September and December. Average 2023 production is now guided to 24,100 barrels of oil equivalent per day from 27,170 boe/d previously, with December rates expected to average 27,000 boe/d (30,000 boe/d previously). Importantly, SOIL secured an agreement with its lender to defer the September and December principal payments on its term loan. With the deferral, SOIL gains $50-million of headroom this year; although, this does decelerate the pace of debt repayment in the near term."