Bison Interests

• Bison Interests letter ↗ Saturn Oil & Gas remains a large holding after a standout Torquay well exceeded the company’s assumed production profile, strengthening the expected value of its undeveloped Saskatchewan inventory. Bison argues that improving well results, free cash flow, repurchases and a discount to peers and reserve value support continued ownership. third quarter 2026 OILSF $949M

One letter so far. We collect each new one as Bison Interests publishes it.