SASKATOON, Saskatchewan, Oct. 15, 2018 (GLOBE NEWSWIRE) -- Saturn Oil & Gas Inc. (“Saturn” or the “Company”) (TSX.V: SOIL) (FSE: SMK) is pleased to announce that the Company was the successful bidder on certain targeted parcels at the recent Crown land sale on October 2nd, 2018. The Company acquired 5 lease parcels totaling 5 sections, bringing Saturn’s total land position in the Kindersley area to 33.75 sections.
Saturn’s additional acreage builds on their existing Dodsland and Milton assets as well as two sections in the Plenty area. “Our technical team has been focusing on these assets for several months and excited with the perspectivity of these areas. We see good offsetting production and favorable reservoir for development,” stated Justin Kaufmann, Saturn’s VP of Exploration.
Saturn has successfully drilled 5 additional Viking horizontal wells since the news release dated September 17th, 2018. The Company has 9 additional horizontal wells planned for Q4/2018 which will commence in the coming weeks. Due to unfavorable weather conditions and the Company being ahead of schedule, Saturn has decided to take a 10 to 14 day break in drilling. This time is to allow the ground to freeze and avoid unnecessary costs associated with poor weather conditions. Completion operations on these 5 wells will move ahead during this time and the Company will release results on production as they come available.
The Company is pleased to announce that due to positive share price performance and continued growth in production, the Company has seen 7,731,972 share purchase warrants (the “Warrants”) exercised in connection with the private placements closed on June 30th, 2017 and November 30th, 2017. A total of 6,475,972 Warrants were exercised at a price of $0.15 and 1,256,000 Warrants were exercised at a price of $0.20. Total proceeds from Warrants exercised was $1.22 million and will be focused on growing asset base and development drilling.
Geoff Jones, CFO of Saturn says, "We are happy that our shareholders have chosen to exercise their warrants prior to their scheduled expiry. We view this as a strong endorsement of Saturn’s abilities to create value through the use of this capital in a sustainable and profitable way. The confidence of our shareholders is demonstrated with this investment in our team and our assets."
For a map of Saturn’s current land and operations please visit the 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.
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