VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 24, 2016) – Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) (“Saturn” or the “Company”) announces that the recently completed drilling programs at its Bannock Creek project has provided data to the Company identifying an area which Saturn has designated as a geographical oil triangle in the Northeastern Williston Basin.
“Conventional light oil pools in the Northern Williston Basin are in our focus. The potential of the region is tremendous. Together with our geological partners we are currently evolving a plan to develop the region. As soon as we are finished with our preliminary studies, we will discuss the budget with potential partners and investors within the tight-hole status regulations. Our goal is to drill at least two more wells in 2016. It is in our corporate interest to develop a funding structure that meets our corporate and shareholders interest,” said Stan Szary, Saturn’s CEO. “This is an extremely large area and our focus will be to put the Company in a most favourable position as we move forward with our expansion and development plan,” concluded Szary.
On February 9, 2016, the Company announced a new discovery oil well on its Bannock Creek project and hit oil-bearing formations of about eight (8) meters in total. The Company still remains in “tight-hole status” of the 9B-5 well as per Provincial Regulations. Commiserate with the tight-hole status of the well; the Company’s “black-out status” will also remain in effect. The black-out status prohibits insiders of the Company from trading in the shares of the Company.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX.V: SMI) (FSE: SMK) is a junior Canadian energy company advancing a portfolio of oil and coal properties in Saskatchewan and Manitoba. The Company 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.