Saturn Minerals Inc. is pleased to announce that the Saskatchewan Ministry of the Economy has granted approval to the Company for one Red River or Deadwood Formation oil well, at the Company's Bannock Creek property, located at 9-5-44-8 W2M.
The approval was granted to Saturn by a Minister's Order dated September 17, 2015, correcting the Order initially issued to Jaguar Resources Inc., on July 7, 2015. Based on the Order the Company is anticipating receipt of a drilling license for a new well to be drilled adjacent to the original well drilled by the Company in May of 2015.
Saturn identified the well location in a 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 data confirmed the anticlinal four-way closure of the drillable prospect at the Company's 120,000 acre Bannock Creek property.
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 Saturn's exploration model has resulted in Saturn selecting this prospect as the Company's second exploration well which will be drilled and completed conventionally to a depth of less than 1,000 meters (see news releases dated February 10, May 19 and September 15, 2015 for further details).