Saturn Minerals Inc. ("Saturn" or the "Company") announces an update on the results from its operated 9-5 Bannock Creek exploration well in northeast Saskatchewan which commenced drilling on May 12, 2015.
The current drilling team and rig have not reached the three targeted zones of the Yeoman, Deadwood and Winnipeg sands, with the drill bit reaching a total depth of 560 meters, approximately 70 meters above the potential oil bearing zones. The drill team encountered several successive lost circulation intervals due to excessively fine-grained sands. Following the loss of circulation for a fourth time, the use of lost circulation material was employed resulting in the drill bit becoming planted in the hole. Jarring tools were sent to the drill site but the operation was also unsuccessful.
As a result of the technical problems encountered, the Company has decided to abandon the current well and is considering its options, which includes drilling an additional well at the location. Initial review of the data indicates that a successful second well could be drilled at the location, which would reach the targeted pay zones. The Company will complete a full review with its technical advisors and drilling team and make its decision to proceed with a second well upon completion of the review.
The three targeted oil zones remain intact and highly prospective for the potential of economic accumulations of oil & gas. Stratigraphic information from the first well has also indicated that targeted pay zones will be somewhat shallower than first modeled.
"Exploration and successful discovery has historically belonged to those with perseverance and this project is no exception," stated Stan Szary, CEO. "We will complete our review of the data and return to the project in short order," he concluded.
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