SASKATOON, Saskatchewan, Feb. 21, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V:SMI) (FSE:SMK) is pleased to provide an update on the two initial Viking horizontal wells drilled in December 2017. Additionally, the Company is pleased to provide an update on its drill program and land acquisition in the recent Crown land sale.
Further to Saturn’s press release dated January 11, 2018, the Company’s two initial Viking horizontal wells have continued to outperform expectations with 60-day initial production (“IP60”) results for well 101/9-31 producing 116 bbls/d and well 102/9-31 producing 111 bbls/d of 36° API light crude.
As part of the Q1/2018 drill program, Saturn has successfully drilled and completed three additional Viking horizontal wells. All three wells were brought on-line this week and the Company anticipates it will announce 30-day initial production (“IP30”) results in the coming month.
Saturn is also pleased to announce it was successful bidder in the last Crown land sale. This acquisition has allowed Saturn to further expand on their Success formation land position.
“We are excited to bring these Viking horizontals wells on-line and get initial production rates. Two of these wells will be the first Viking horizontals on the sections and will provide the Company with as many as 16 additional de-risked Viking horizontal locations,” stated Scott Newman, COO of Saturn.
Saturn has granted a total of 1,700,000 stock options at a price of $0.155 per common share to certain directors and consultants of the Company. As per the Company's Stock Option Plan, the options granted are exercisable until February 21, 2023 and vest over a period of 18 months from the date of grant. Grant of the options and the Company's Stock Option Plan and are subject to the approval of the TSX Venture Exchange.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. (TSX.V:SMI) (FSE:SMK) is a public energy Company focused on the acquisition and development of undervalued, low risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves & production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.
To learn more, please contact the Company at 1 (306) 955-9946 or visit: www.saturnoil.com
On Behalf of the Board of Directors,
SATURN OIL & GAS INC.
John Jeffrey, MBA – CEO & Chairman
Neither 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 release. Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.