11:08 AM EDT, 03/25/2020 (MT Newswires) -- Saturn Oil & Gas (SOIL.V) was down 13% to the lowest in a year after the company on Wednesday said it will switch capital spending plans from drilling new wells to looking for acquisitions.

The junior oil and gas producer said switching to acquiring properties "offers superior rates of return in the current commodity price environment versus drilling. The potential acquisitions being assessed would enable the company to leverage its existing infrastructure, capacity and expertise, and would be designed to position Saturn for continued responsible growth in a more favourable commodity price environment".

The company also said it has a fixed price hedge in place for 400 barrels of oil per day, a third of its 2019 exit rate, with a price of C$65.40 per barrel. The hedge extends to February, 2021.

Saturn shares were last seen down C$0.01 to C$0.07, a 52-week low, on the TSX Venture Exchange.

Price: 0.07, Change: -0.01, Percent Change: -12.50