Saturn Minerals Inc. is pleased to announce that Saturn and Jaguar Resources Inc. have commenced a 2D seismic program over Petroleum Exploration Permit 72 and Exploration Permit 71 in the northern Williston Basin in eastern Saskatchewan.
Harbinger Exploration Inc., Calgary has been retained to complete approvals and mapping and GeoStrata Resources Inc., Calgary has been retained for the acquisition of up to 52 km of 2D proprietary seismic data on the Bannock Creek and Little Swan Properties. This work phase will finalize drilling locations for the completion of up to four exploration wells with Jaguar as operator.
Acquisition of data using dynamite consists of two lines on Bannock Creek each measuring 10km long, and two lines on Little Swan measuring 32km total. Completion of this work phase will bring total 2D seismic acquisition work to 5 lines on Bannock Creek for a total of 51km, and 5 lines on Little Swan totaling 75km. This is one of the largest databases of oil & gas specific seismic data that exists in the northern Williston Basin and is a major asset for the Company not only for the purposes of exploration, but as a marketable asset for other interested parties, valued at standard industry rates.
Significantly, this final work phase prior to drilling will determine the structural high of a large closed structure at the Red River interval on the Bannock Creek property interpreted on seismic. This structure compares directly to the analogous fault bounded "Tyvan" Oil pools, which produce, from the Red River (Yeoman) and Winnipeg Sands to the south in the same stratigraphic basin. The normal faulting orientation visible on the seismic line will likely result in closures at these intervals based upon geological basement structural patterns in the region and as a result the Companies have identified a drill target. Additional seismic has been designed to confirm closure of this target.
The proposed vertical drilling has an estimated total depth of approximately 1000 Meters (3280 feet) or to the Precambrian with no horizontal drilling or multi stage fracing. The two zones of interest are the oil bearing Yeoman Formation (Red River) and the Black Island Formation in the Winnipeg Group. The drilling time is estimated to take ten days plus coring and testing. Conventional completions will be used to complete the wells. The Bannock Creek Property and the Little Swan Property combine one of the largest exploration permits within the Province of Saskatchewan and hold the potential for significant light oil reserves and are owned by the Companies on a 50/50 basis.
Craig Boland, P. Geol. of Boland Exploration Consulting BEC is the Companies' Qualified Person under 51-101 standards who has reviewed and approved the technical content of this release.