Saturn Minerals Inc. Granted License for an Oil Exploration Well at Bannock Creek
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 29, 2015) - Saturn Minerals Inc. (TSX VENTURE:SMI) (FRANKFURT:SMK) ("Saturn" or the "Company") is pleased to announce that the Company has been granted a License under the Oil and Gas Conservation Act, Province of Saskatchewan, to drill an oil exploration well at its Bannock Creek Property, located at 9-5-44-8 W2M.
Saturn has contracted with North Rim Exploration Ltd. ("North Rim"), Saskatoon, Saskatchewan to provide all logistical support and drill for the drilling program under the direction of the Company's Geological team, Chris Barton, P. Geo and Steve Noakes, BA. North Rim is a well experienced consulting firm in geology and engineering.
Depending on weather conditions, the Company expects that the exploration oil well will be spudded by November 30, 2015.
Saturn identified the well location in a 2D seismic program, which was designed to identify and confirm closure 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 the validation of Saturn's exploration model has resulted in Saturn selecting this prospect as the Company's second exploration well which will be drilled and completed conventionally to a depth of less than 1,000 meters (see news releases dated February 10, May 19 and September 15 & 30, 2015 for further details).
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 has interests in 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
Source: Marketwired (Canada)
(October 29, 2015 - 5:51 AM EDT)
News by QuoteMedia