SASKATOON, Saskatchewan, April 19, 2018 (GLOBE NEWSWIRE) — Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V:SMI) (FSE:SMK) is pleased to announce that the Company was successful bidder on two sections of land in the recent Saskatchewan Crown land sale. This brings the Company’s total land holding to 15.0 gross sections (10.5 net). The Company has also closed a Pooling Agreement (the “Agreement”) with a major Viking producer to develop its Whiteside property.
The two sections acquired in the land sale were divided into two separate non-contiguous parcels. The first parcel is one section in the Flaxcombe area with rights from base of Colorado Group to top Precambrian. The section has existing wells drilled through the target Success formation that shows favorable reservoir in petrophysical logs. The second parcel is one section in the Flaxcombe area with rights from base Colorado Group to top Precambrian. This section has adjacent producing vertical wells in the Success formation. The Company is currently evaluating available 3D seismic on the section for the placement of horizontal wells in the Success formation.
Saturn has also closed a Pooling Agreement with a major Viking producer on its Whiteside land holdings. The Agreement will allow Saturn to maintain a 50% working interest on the land while relinquishing operatorship to the partner. This agreement will allow for the drilling of extended reach horizontal Viking wells that have been dominant in the area.
“The Pooling Agreement on our Whiteside property was the perfect opportunity for our Company to strengthen relationships with major Viking producers in the area. Their experience in the Viking field and low operating costs allow Saturn to maintain a working interest in the production while focusing on development of our Flaxcombe property,” stated Scott Newman, Chief Operating Officer with the Company.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. (TSX.V:SMI) (FSE:SMK) is a public energy Company focused on the acquisition and development of undervalued, low risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves & production through retained earnings. Saturn’s portfolio will become its key to growth and provide long-term stability to shareholders.
To learn more, please contact the Company at 1 (306) 955-9946 or visit: www.saturnoil.com
On Behalf of the Board of Directors,
SATURN OIL & GAS INC.
John Jeffrey, MBA – CEO & Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.