Saturn Oil & Gas (SOIL) is pleased to announce the start of a three-well development drilling program in West Central Saskatchewan.
In addition, the 268.3 million common share purchase warrants issued in conjunction with the June 2021 equity private placements will commence trading under the symbol SOIL.WT on the TSXV on August 3, 2021.
The board of directors of the company has granted 12,500,000 incentive stock options to directors, officers, employees and consultants.
Initiation of development drilling in West Central Saskatchewan
Saturn will be drilling three Extended Reach Horizontal (ERH) wells in West Central Saskatchewan, targeting light oil in the Viking formation. Each of the wells will be 100 per cent working interest to Saturn with the first well expected to spud in August 2021.
"We are encouraged to reinitiate our development activities at our Viking Asset where Saturn has extensive experience in drilling ERH wells with a strong track record of success," said John Jeffrey, CEO of Saturn.
"These initial three wells will kick off our operated drilling program that we intend to expand in Q4 2021 and into next year."
Corporate update
Today the warrants issued in conjunction with the oversubscribed $32.2 million June private placement will commence trading on the TSX Venture Exchange. Each warrant entitles the holder to purchase one common share in the capital of the Company at an exercise price of $0.16 per common share and expires on June 2, 2023.
In addition, the board of directors of Saturn has granted incentive stock options to certain directors, officers, employees and consultants under the company's shareholder approved stock option plan, entitling them to purchase an aggregate of 12,500,000 common shares for a period of five years at a price of $0.12 per share.
Saturn Oil & Gas Inc. is a growing Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil-weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities.
Saturn has assembled an attractive portfolio of free-cash flowing, low-decline operated assets in Southeastern Saskatchewan and West Central Saskatchewan that provide an inventory of long-term economic drilling opportunities across multiple zones.
Saturn Oil & Gas Inc. (SOIL) opened trading at C$0.12 per share.