Saturn Oil + Gas Inc. Announces Asset Exchange Agreement and Operational Update
- Nov 28 2017
SASKATOON, SASKATCHEWAN – November 28, 2017 - Saturn Oil + Gas Inc. (“Saturn” or the “Company”) (TSX.V: SMI) (FSE: SMK) is pleased to announce it has entered into an Asset Exchange Agreement with a major Viking producer and successfully completed drilling operations on its first two Viking horizontal wells.
Saturn has transferred 50% of its net working interest in one section of land in the Lucky Hills pool, with rights from surface to base Viking, in exchange for two contiguous sections of 100% working interest, with rights from surface to base Viking in the Flaxcombe area. The asset exchange will allow Saturn to maintain a non-operating 50% working interest in Lucky Hills, while continuing to grow in the Flaxcombe area.
Saturn has also completed drilling operations on its first two Viking horizontal wells in the Flaxcombe area. The completions program for the first two wells will consist of a 23 stage frac on the first well and a 24 stage frac on the second. The Company will be commencing completion operations in the coming week with production testing to follow.
“This asset exchange aligns with our corporate strategy and has allowed us to further build our position in the Flaxcombe area. Our technical team has continued to de-risk and identify drill locations in our Flaxcombe holdings and this asset exchange has allowed us to tie our land together to eight sections of contiguous working interest,” stated John Jeffrey, CEO at Saturn Oil + Gas Inc.
About Saturn Oil + Gas Inc.
Saturn Oil + Gas Inc. (TSX.V: SMI) (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.