Saturn Minerals Completes Bannock Creek Oil Exploration Well
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/29/16 -- Saturn Minerals Inc. (TSX VENTURE: SMI)(FRANKFURT: SMK) ("Saturn" or the "Company") announces that the completions program at its Bannock Creek project has been finalized, a well head has been secured, a packer has been set at the top of the tested zones and that the well has been shut in. All zones of interest were tested and the results of the completions program are being analyzed to determine the most efficient production methodology for the 9B-5 well. The Company also announces that it will adhere to a "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.
Due to local ground conditions, road bans are now effective in the area of the 9B-5 well. The road bans are expected to be in effect for approximately 30 days.
"The potential of the Northern Williston basin for conventional oil migration and pooling is more prolific than conventional wisdom says. The completions program has helped us to more fully understand just how prospective this part of the province is. With the information gained from 9B-5 we will strategically leverage this knowledge in our regional strategy for this area," said Stan Szary, Saturn's CEO.
The Company will further update results of 9B-5 on or prior to the end of the tight-hole status period.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX VENTURE: SMI)(FRANKFURT: SMK) is a junior Canadian energy company advancing a portfolio of oil and coal properties in Saskatchewan and Manitoba. The Company owns 376,800 acres of 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.
On Behalf of the Board of Directors
SATURN MINERALS INC.
Stan Szary, Chief Executive Officer
NEITHER THE 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 NEWS RELEASE
Contacts:
Saturn Minerals Inc.
(604) 685-6989
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Datum: 29.03.2016 - 13:00 Uhr
Sprache: Deutsch
News-ID 460314
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Oil & Gas
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