VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 27, 2016) – Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) (“Saturn” or the “Company”) is pleased to announce that its oil exploration well 9A-5-44-8w2 has reached a vertical depth of 583 meters. Formation tops were confirmed and correlated to the sequence stratigraphy with the Company’s known geophysical data where formations requiring additional wellbore integrity have been identified. Significantly, the Company has identified the dense anhydritic cap of the Lower Interlake. The operation is continuing and the Company expects to reach and evaluate the previously identified potential light oil traps in the stacked Red River, Winnipeg and Deadwood Formations by early next week, at which time the Company will provide a further update.
Saturn identified the well location from a 2D seismic program, which was designed to identify and confirm closures for potential light oil traps of the Northeastern Williston Basin. The data confirmed the anticlinal four-way closure of the drillable prospect of 480 acres in size at the Company’s 120,000 acre Bannock Creek property.
The closure of this structure, which compares very favourably with existing producing light oil pools to the south of Bannock Creek and provides validation of Saturn’s exploration model, has resulted in Saturn selecting this drill target as the Company’s second exploration well.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is a junior Canadian energy company advancing a portfolio of oil and coal properties in Saskatchewan and Manitoba. The Company owns 376,800 acres of exclusive oil & gas rights in Saskatchewan and is advancing a number of oil exploration projects. Saturn has also made three shallow bituminous coal discoveries since 2009 with coal seams ranging in continuous vertical thickness from 9 to 89 meters. Saturn has a strategic ownership in Inowending Exploration & Development Corp., a First Nations owned exploration and development company co-founded by Saturn with a consortium of Saskatchewan First Nations active in Canada’s prairie provinces.