Saturn Oil & Gas announced that it has commenced drilling of their 20 well horizontal drill program that will run to the end of the first quarter of 2019.
Image: The first well of the Program was spud on 11 September. Photo courtesy of Zbynek Burival on Unsplash.
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 Stuart Houle, P.Eng, PMP as VP of Engineering & Operations for Saturn.
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.
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. Houle brings a strong operational background in construction, drilling, completions, production and facility engineering. Houle is a registered Professional Engineer with APEGA.
Source: Company Press Release