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Saturn Minerals' Oil Exploration Well at Bannock Creek Approved
Sep. 30, 2015 11:07AM PST
Oil and Gas InvestingSaturn Minerals Inc. (TSXV:SMI,FWB:SMK) has been granted approval by the Saskatchewan Ministry of the Economy for one Red River or Deadwood Formation oil well, at the Bannock Creek property in Saskatchewan.
Saturn Minerals Inc. (TSXV:SMI,FWB:SMK) has been granted approval by the Saskatchewan Ministry of the Economy for one Red River or Deadwood Formation oil well, at the Bannock Creek property in Saskatchewan.
As quoted in the press release:
The approval was granted to Saturn by a Minister’s Order dated September 17, 2015, correcting the Order initially issued to Jaguar Resources Inc., on July 7, 2015. Based on the Order the Company is anticipating receipt of a drilling license for a new well to be drilled adjacent to the original well drilled by the Company in May of 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.