SASKATOON, Saskatchewan, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) is pleased to announce that the Company was successful bidder on certain targeted parcels at the recent Crown land sale on August 14th, 2018. The Company acquired 10 lease parcels totaling 8.25 sections, bringing Saturn’s total land position in the Kindersley area to 32.50 sections (27.50 net).
The Company acquired 7.0 contiguous sections with rights from surface to top of Precambrian in the Dodsland area. The parcel has recent Viking production on offsetting sections and situated among major oil producers. Saturn has identified multiple horizontal well locations on the parcel and will be licensing an extended reach horizontal Viking well that the Company anticipates it will drill during its Q1/2019 winter drill program.
Saturn also acquired 1.0 section with rights from surface to top of Precambrian on 11/16 of the section and rights from base Viking to top of Precambrian on 5/16 of the section in the Plato area. The parcel has recent Viking production on offsetting sections. Saturn has identified multiple horizontal well locations on the parcel and will be licensing three extended reach horizontal Viking wells in the coming weeks to be drilled during the 2018 summer drill program.
Additionally, the Company acquired 0.25 sections directly adjacent to their 15 sections in the Flaxcombe area. “We just completed a successful drill program and are currently planning our Q4/2018 program. This increase in our land base builds directly into a development plan, we continue to increase our production rate while building drilling inventory on proven assets”, stated Scott Newman, Chief Operating Officer for Saturn.
For a map of Saturn’s current land and operations please visit the website www.saturnoil.com.
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.
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.
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