NEWS 2017-11-28 10:59 ET - News Release Saturn Oil + Gas In2017-11-28 10:59 ET - News Release
Saturn Oil + Gas Inc. Announces Asset Exchange Agreement and Operational Update
SASKATOON, SASKATCHEWAN--(Marketwired - Nov. 28, 2017) - Saturn Oil + Gas Inc. ("Saturn" or the "Company") (TSX VENTURE:SMI)(FRANKFURT: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 VENTURE:SMI)(FRANKFURT: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.
On Behalf of the Board of Directors
SATURN OIL + GAS INC.
John Jeffrey, MBA - CEO & Chairman