Saturn Minerals announces drilling of Bannock Creek oil exploration well
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is pleased to announce that further to the Company's news release dated December 14, 2015, the Bannock Creek property ground conditions have enabled the Company to move a rig and crew to the property. The oil exploration well 9A-5-44-8w2 has now been spudded and drilling is underway.
Saturn has contracted with North Rim Exploration Ltd. and Axiom Exploration both of Saskatoon, Saskatchewan, to provide all logistical support and the drill for the drilling program. The Company's Advisory Board member, Wayne Slemp, is on site for the entire drilling operation of the 9A-5 well. Mr. Slemp has over 43 years of experience in the oil and gas industry and 37 years directly related to drilling operations.
'We are all very excited about the drilling program and looking forward to the results. A discovery in that region of the northern Williston Basin would mean a lot for our Company and the people of that area. The drill target has a size of 480 acres and would have immediate impact on the rest of the combined 370,000 acres of the Bannock Creek and Little Swan projects,' stated Stan Szary, CEO of Saturn.
Saturn identified the well location from a 2D seismic program which was designed to identify and confirm closures for potential light oil traps in the stacked Red River, Winnipeg and Deadwood Formations of the Northeastern Williston Basin. The data confirmed the anticlinal four-way closure of the drillable prospect at the Company's 120,000 acre Bannock Creek property.
The closure of this structure, which compares very favorably with existing producing light oil pools to the south of Bannock Creek and provides validation of Saturn's exploration model, has resulted in Saturn selecting this drill target as the Company's second exploration well which will be drilled and completed conventionally to a depth of less than 1,000 meters.
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