SASKATOON, Saskatchewan, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) is pleased to announce the initial production rates for their three 100% working interest Viking horizontal wells brought on-line during the August 2018 program. Additionally, effective September 19th, 2018, Mr. Simon Akit, P.Eng., MBA has been appointed to the Board of Directors of Saturn.
Saturn’s three 100% working interest Viking horizontal wells brought online in August 2018 have exceeded the Company’s internally assigned type curve with initial production rates averaging over 110 barrels of oil per day. These initial rates were the catalyst to the immediate development program currently underway. The results of the Kerrobert extended reach horizontal Viking has identified 13 additional horizontal locations, 5 of which are being drilled prior to end of Q1/2019. The results of the Prairiedale extended reach horizontal Viking has identified 15 additional horizontal locations, 6 of which are being drilled prior to end of Q1/2019.
Mr. Akit joined Canaccord Genuity in 2008. He is a Managing Director and Global Head of Energy Sales covering Canadian, U.S., and European funds with the firm’s global energy product. Mr. Akit has over 20 years of experience between capital markets and the oil and gas industry. Previously, he worked at BMO Nesbitt Burns (New York) as Director Institutional Equities, Raymond James as VP Institutional Equities, and UBS Securities in Equity Research (Energy and Pipelines). Prior to, he worked at EnCana Corp as a Drilling and Completions Engineer, Drilling Foreman, and Production Operator in various parts of Canada. Mr. Akit holds a Bachelor of Engineering in Mechanical Engineering from McGill University, an MBA from the Rotman School of Management (University of Toronto), and is a registered Professional Engineer with APEGA.
John Jeffrey, Chairman of Saturn, commented: “The Saturn team is very pleased to welcome Mr. Simon Akit as a member of our board. Mr. Akit brings a wealth of knowledge in capital markets and the oil and gas industry as a whole. We look forward to working with him during this exciting time for Saturn.”
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.