Saturn Minerals Reports New Oil Discovery at Bannock Creek Project

February 9, 2016

Responsive image

Saturn Minerals Inc. (TSXV:SMI) announced that it’s made a new oil discovery in three different potential pay zones at the 9A-5-44-8W2 well at its Saskatchewan-based Bannock Creek project.

The discovery was made in conjunction with technical teams from North Rim Exploration Ltd. and Axiom Exploration Ltd., both of which are from Saskatchewan.

As quoted in the press release:

As previously announced, drilling of the 9A-5 well had commenced on January 7th and had reached a total depth of 583 meters before technical difficulties related to wellbore stability and lost circulation were encountered. In consultation with its technical team, the Company elected to redesign the casing configuration and drill process. The second well was spudded on January 29th and reached a target depth of 740 meters in 8 days without incident, including 1.5 days to core and log.  A total of 27 meters of core was cut with full recovery through all target zones.

Saturn is very pleased to announce that within the target Herald and Yeoman formations, three separate intercepts displayed pronounced and uniform oil staining and fluorescence under black light. These intercepts were subsequently cross-referenced to match down-hole resistivity logs and porosity logs greater than 12%. The discovery was made in three separate formations: the Herald, the Upper Yeoman and the Lower Yeoman for a cumulative potential reservoir thickness of 8 meters. The presence of these stacked pay zones supports the Company’s exploration model of a stacked target, 4-way closed anticlinal potential oil reservoir.

Stan Szary, CEO of Saturn Minerals, commented:

This discovery is a true historical milestone for northeastern Saskatchewan. The Northeastern Williston Basin is a wildcat driller’s paradise, and we’ve shown that with the discovery of oil in the very first well that has successfully penetrated beyond 650 meters in this vicinity. I’m very proud of our team and believe that this is the start of a very significant update to the entire geological map of this part of the province.

Click here to read the full Saturn Minerals Inc. (TSXV:SMI) press release.

Oil Report small  

Get Our Expert Guide to Oil Investing FREE!

Download this FREE Special Report, Oil Investing: Oil Price Forecast and Oil Deposits Around the World

The post Saturn Minerals Reports New Oil Discovery at Bannock Creek Project appeared first on Investing News Network.

Category: Energy