Saturn Minerals Inc. Granted Approval for an Oil Exploration Well at Bannock Creek
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/30/15 -- Saturn Minerals Inc. (TSX VENTURE: SMI) (FRANKFURT: SMK) ("Saturn" or the "Company") 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).
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
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
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Saturn Minerals Inc.
+1 (604) 685-6989
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Datum: 30.09.2015 - 10:59 Uhr
Sprache: Deutsch
News-ID 1389092
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