Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSXV: SOIL) (FSE: SMK) is pleased to confirm that it has commenced a four well drilling program for the fourth quarter of 2019, along with the issuance of stock options.
Q4 2019 Drilling Program
The Company is pleased to confirm the commencement of its fourth quarter 2019 drilling program, which will include the drilling, completion, equip and tie-in of four (4.0 net) new extended-reach horizontal (“ERH”) Viking light oil wells in the Company’s Prairiedale area. With a total expected capital investment of $4.4 million, Saturn anticipates that all four wells will be brought on production before the end of the year and set the stage for further drilling in Q1 2020. The Company anticipates providing an update on the results of the program once all wells are on-stream and producing.
“Building on the continued momentum we have achieved to date with our Viking light oil development, Saturn is pleased to commence our fourth quarter drilling program which will drive us into the next phase of our growth in 2020,” said John Jeffrey, CEO of Saturn. “With the success of our most recent drills, which achieved costs that were 11% under budget, our team is excited to continue delivering strong and responsible operational performance.”
Saturn also announces that pursuant to the Company’s Stock Option Plan (the “Plan”), the Board has approved an option grant to certain members of management (excluding the CEO) of an aggregate total of 3,000,000 stock options at a price of $0.15 per common share. As per the Plan, the options granted are exercisable until October 25, 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.
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.