Mr. John Jeffrey reports
SATURN OIL & GAS INC. ANNOUNCES IP60 RESULTS AND OPERATIONAL UPDATE
Saturn Oil & Gas Inc. has provided an update on the two initial Viking horizontal wells drilled in December, 2017. Additionally, the company is pleased to provide an update on its drill program and land acquisition in the recent Crown land sale.
Further to Saturn's press release dated Jan. 11, 2018, the company's two initial Viking horizontal wells have continued to outperform expectations with 60-day initial production (IP60) results for well 101/9-31 producing 116 barrels per day and well 102/9-31 producing 111 barrels per day of 36-degree API (American Petroleum Institute) light crude.
As part of the first quarter of 2018 drill program, Saturn has successfully drilled and completed three additional Viking horizontal wells. All three wells were brought on-line this week and the company anticipates it will announce 30-day initial production (IP30) results in the coming month.
Saturn is also pleased to announce it was successful bidder in the last Crown land sale. This acquisition has allowed Saturn to further expand on its Success formation land position.
"We are excited to bring these Viking horizontals wells on-line and get initial production rates. Two of these wells will be the first Viking horizontals on the sections and will provide the company with as many as 16 additional derisked Viking horizontal locations," stated Scott Newman, chief operating officer of Saturn.
Saturn has granted options to purcahse a total of 1.7 million shares at a price of 15.5 cents per common share to certain directors and consultants of the company. As per the company's stock option plan, the options granted are exercisable until Feb. 21, 2023, and vest over a period of 18 months from the date of grant. Grant of the options and the company's stock option plan and are subject to the approval of the TSX Venture Exchange.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas is a public energy company focused on the acquisition and development of undervalued, low-risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. Derisked assets and calculated execution will allow Saturn to achieve growth in reserves and production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.
We seek Safe Harbor.
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