Jaguar Resources Inc. (Jaguar or the Company) is pleased to announce that the Company is preparing to drill an exploration oil well at its Bannock Creek Property in the Province of Saskatchewan.
At present the well location is under rural municipality road bans due to soft ground conditions and the Company will mobilize a drilling rig and crew to the drill site as soon as the restrictions are lifted and the ground conditions permit.
The exploration oil well prospect has been selected following the 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 seismic 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 hydrocarbons from all three targeted reservoirs.
The closure of this structure, which compares very favourably with existing producing light oil pools to the south of Bannock Creek and the validation of an exploration model has resulted in the selection of this light oil prospect as the Company's first exploration well which will be drilled and completed conventionally to a depth of less than 1,000 meters.
Jaguar's business strategy is to seek to provide shareholders with growth by exploring the existing assets in the Saskatchewan Little Swan and Bannock Creek plays. As part of its corporate strategy of acquiring additional assets, the Company is in the process of evaluating several potential transactions which individually or together could be material. The Company cannot predict whether any current or future potential opportunities will result in one or more transactions involving the Company. The Company may issue equity or utilise debt facilities to finance all or a portion of any such potential acquisitions and or drilling programs on its Saskatchewan lands.