Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSXV: SOIL) (FSE: SMK) is pleased to confirm the commencement of its second half 2019 drilling program, an option grant and that an updated corporate presentation has been posted to its website.
Second Half 2019 Drilling Program
The Company is pleased to confirm that it has commenced its second half 2019 drilling program (the “Program”) focused on increasing production and reserves from the Viking light oil play in west-central Saskatchewan. Saturn commenced drilling five (5.0 net) extended reach horizontal (“ERH”) wells in early August, largely focused in its core Prairiedale area. The first well was spud on August 8, with the balance to be drilled over the next two weeks. The Company anticipates that all five wells will be completed and equipped by early September and on-line by the last week of September, which is expected to have a positive impact on production volumes for the fourth quarter of 2019.
Option Grant and Updated Corporate Presentation
Saturn also announces that pursuant to the Company’s Stock Option Plan (the “Plan”) it has granted a total of 2,000,000 stock options at a price of $0.12 per common share to a consultant of the Company. As per the Plan, the options granted are exercisable until August 14, 2024 and vest over a period of 18 months from the date of grant. Grant of the options are subject to the approval of the TSX Venture Exchange. All securities issued on exercise thereof are subject to a hold period expiring four months and one day from the date hereof.
The Company is also pleased to announce that it has posted an updated corporate presentation on its website at www.saturnoil.com, and encourages interested parties to learn more by visiting the site.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. (TSX.V: SOIL) (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.