Saturn Minerals acquires 158 sections of oil & gas exploration permits

Saturn Minerals Inc. has reported the successful acquisition of 158 sections (41 000 ha.) of oil & gas special exploration permits. A technical evaluation of drilling programmes carried out on the Bannock Creek property confirmed Saturn's exploration model of Ordovician Red River source rock with large structural traps north of the Potash Restriction Zone, in the "Oil Triangle".

This area has yet to be adequately explored for economic pools of oil due to the interrupting presence of the Potash Restriction Zone. Saturn's exploration programme at Bannock Creek has outlined structural features within the Ordovician Red River formations, which create traps for the known source rock. The Bannock Creek exploration model is definitive evidence that oil is pooling in this unexplored region of the province.

The main target formation of Saturn Minerals exploration programme is the Red River Formation. The analogous oil pool model south Saturn is targeting is the Red River Tyvan pool which contains an estimated 60 million bbls in place with 15 million recoverable barrels of light crude 31 API oil.

"The newly acquired permits solidifies Saturn's position as the largest land owner of oil rights north of the Potash Restriction Zone and an industry expert in drilling within the northern Williston Basin," stated Stan Szary, President and CEO. "We will now proceed with next phases of exploration, including various geophysical, exploration drilling and completions programmes."

Edited from press release by Angharad Lock

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/17082016/saturn-minerals-inc-acquires-158-sections-of-oil-gas-exploration-permits-3926/