Saturn Minerals Granted Permit & License for Bannock Creek Oil Well
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 24, 2015) - Saturn Minerals Inc. (TSX VENTURE:SMI)(SMK.F) ("Saturn" or the "Company") is pleased to announce that the Company has been granted a Permit & License under the Oil and Gas Conservation Act, Province of Saskatchewan, to drill an oil well at its Bannock Creek Property.
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Saturn has contracted with West Rock Energy Consultants Ltd., Calgary, AB to provide all logistical support and drill for the drilling program under the direction of the Company's Geological team, Craig Boland, P.Geo. and Chris Barton, P. Geo.
At present the location is under R.M. road bans due to soft ground conditions and the Company will mobilize a rig and crew to the drill site as soon as the restrictions are lifted and the ground conditions permit.
Saturn identified the well location in its recently completed 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 Bannock Creek. The closed fault bounded roll over structure is 480 acres minimum in area and has the potential to contain up to 38 million barrels in place of resource from all three targeted reservoirs.
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 first exploration well which will be drilled and completed conventionally to a depth of less than 1,000 meters (see news release dated February 10, 2015 for further details).
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX VENTURE:SMI) (SMK.F) 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
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