Saturn Minerals Inc. ("Saturn" or the "Company") announces that it has completed the interpretation of the latest seismic data with 3 additional recently acquired lines now totaling 60 km on the Bannock Creek property in eastern Saskatchewan.
The Company has incorporated the new seismic data with its existing geophysical model for the Bannock Creek project which is 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.
Saturn is pleased to report that the recently acquired data has confirmed the anticlinal four way closure of a drillable prospect on the Bannock Creek property. This 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 the Company'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 1000 meters. Permitting and licensing for a well at this location is underway.
Potential structures identified on the Bannock Creek seismic data are up dipped closed fault bounded anticlinal traps affecting the Red River, Winnipeg and Deadwood Formations which are known to produce light oil throughout the Williston Basin. Saturn's geophysical/geological model has been based on existing producing pools such as the fault bounded "Tyvan" Oil pool in T13 R13W2 (71 million barrels in place), the "Montmarte" Oil pool in T13R11W2 (26 million barrels in place) and the Chapleau Lake Oil pool in T14 R12W2 (26 million barrels in place), all of which produce from the Ordovician Red River (Yeoman) and Winnipeg Sand Formations. These underlying Formations within the Bannock Creek area along with the proprietary Saturn owned seismic data acquired to-date has resulted in an extremely strong exploration model for the presence of analogous closed structures.
The Company would like to update that the previously identified 1,920-acre Ordovician structure on the Bannock Creek property remains and requires additional data which is planned for later in 2015 to confirm closure. This target remains an exciting future target in Saturn's inventory along with several other structures which have been mapped from the recent seismic.
"This is the third seismic program completed on the Bannock Creek project since 2012," stated Stan Szary, President & CEO of Saturn, "and we've established a strong exploration target with these multiple fault bounded closures. The amount of faulting and trap structures that are shown within the known oil-producing reservoirs underlying the Bannock Creek area prove that conventional oil exploration is viable and exciting in this part of the Williston Basin."
Saturn had retained GeoStrata Resources Inc. of Calgary to complete the seismic program and Shadow Energy Inc. of Calgary for interpretation. As previously announced a third seismic program is underway with Geostrata on the Company's Little Swan property.
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