SASKATOON, Saskatchewan, Sept. 17, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) is pleased to announce that the Company has commenced drilling of their 20 well horizontal drill program (the “Program”) that will run to the end of Q1/2019. The first well of the Program was spud on September 11th, 2018 upon the successful closing of the previously announced USD $20 million revolving note facility with Prudential Capital Group (see news release dated September 14th, 2018).
The Program will consist of 17 Viking light oil wells, primarily extended reach horizontals over their Kerrobert, Prairiedale, Milton and Plato assets. The Program will also include three Success heavy oil horizontal wells at their Flaxcombe and Milton assets. As of today, the Company has successfully drilled and cased the first well of the Program and currently drilling the second well.
Scott Newman, COO of Saturn, commented: “This 20 well horizontal program is the culmination of a year of planning, strategic land acquisitions and de-risking assets. A development program of this scale provides us the means to achieve our corporate goal of exiting 2018 with a production rate in excess of 1,200 barrels of oil per day.”
Additionally, pursuant to the Company's Stock Option Plan (the “Plan”) it has granted a total of 4,700,000 stock options at a price of $0.20 per common share to directors and officers of the Company. As per the Plan, the options granted are exercisable until September 17, 2023 and vest over a period of 18 months from the date of grant. Grant of the options are subject to the approval of the TSX Venture Exchange.
The Company has also appointed Mr. Geoff Jones, CPA, CA as Chief Financial Officer and Mr. Stuart Houle, P.Eng, PMP as VP of Engineering & Operations for Saturn.
Mr. Geoff Jones, CPA, CA, formally VP of Finance with Saturn, is a Chartered Professional Accountant that has been directly responsible for the financial operations of the Company through its recent growth.
Mr. Stuart Houle, P.Eng, PMP has worked in the oil and gas industry for over 13 years. He has held roles of increasing responsibility with Husky Energy as well Frontier Engineering Corp. and Horizon Resource Management Ltd. Mr. Houle brings a strong operational background in construction, drilling, completions, production and facility engineering. Mr.Houle is a registered Professional Engineer with APEGA.
To know more about Saturn Oil & Gas Inc. and their operations, please visit our website www.saturnoil.com.
About Saturn Oil & Gas Inc.
Saturn Oil & Gas Inc. (TSX.V: SOIL) (FSE: SMK) 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. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves & production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.
To learn more, please contact the Company at 1 (306) 955-9946 or visit: www.saturnoil.com
On Behalf of the Board of Directors
SATURN OIL & GAS INC.
John Jeffrey, MBA – CEO & Chairman
Neither 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 release. Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.