Sept 14 (Reuters) - Saturn Oil & Gas Inc SOIL.V :
* ANNOUNCES USD $20 MILLION SENIOR SECURED NOTE FACILITY WITH PRUDENTIAL CAPITAL GROUP
* SAYS SATURN HAS ELECTED AND QUALIFIED FOR INITIAL ISSUANCE OF NOTES EQUAL TO APPROXIMATELY USD $4.6 MILLION
* SAYS TO USE MAJORITY OF PROCEEDS TO EXPAND DEVELOPMENT OF VIKING LIGHT OIL & SUCCESS HEAVY OIL ASSETS IN WEST-CENTRAL SASKATCHEWAN
* SAYS PORTION OF NET PROCEEDS OF INITIAL NOTE ISSUANCE WILL ALSO BE USED TO RETIRE CERTAIN OF COMPANY'S EXISTING AND HIGHER INTEREST DEBT