Saturn Minerals Inc. Provides Oil Saturation and Porosity Results from Bannock Creek Wildcat Core
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 16, 2016) - Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) ("Saturn" or the "Company") has received oil saturation and porosity results from Core Labs in Estevan, Saskatchewan, from drill core taken from the Company's 9B-5 wildcat well at the Bannock Creek property in northeast Saskatchewan, near the town of Hudson Bay.
Saturn has identified a 3.5 meter section of core as its current primary target for completions. Results from the core analysis reported an average oil saturation of 57% throughout the 3.5 meter section, with the top 1.7 meters averaging 60% oil saturation. Complementary to the oil saturations, porosity values ranged from 12% to 18% through the primary target zone. While the company had anticipated high porosity from the dolomitic limestone frequently encountered in this part of the Williston Basin, oil saturation percentages exceeded expectations for development.
Permeability and oil API of the target zone are still being analyzed. Drill core analysis is proceeding methodically so as to properly and accurately assess the characteristics of the reservoir for completions. Saturn's technical team are to design an effective completions plan to maximize potential economics. The Company expects the final core results before the end of February, subsequent to which Saturn intends to complete and flow-test the well. Flow-testing results are expected by late March 2016.
The Company also announces that Savanna 440, which completed the 9B-5 well, will be racked near the Bannock Creek property in Tisdale, Saskatchewan. Saturn is awaiting final core analysis and flow-test results at which time it will apply for a license and spud an additional 100% working interest vertical well at Bannock Creek. The well will further delineate the current target zone and core additional target zones identified in the open hole logs.
"This is a wildcat in a new area of the province," stated Stan Szary, President and CEO, "and the high porosity and oil saturation figures of this field prove the value of exploring in such virgin oil territory. That said, our focus now is to understand this reservoir completely so the most effective completions program can be designed for the entire field."
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is a junior Canadian energy company advancing a portfolio of oil and coal properties in Saskatchewan and Manitoba. The Company owns 376,800 acres of exclusive oil & gas rights in Saskatchewan and is advancing a number of oil exploration projects. Saturn has also made three shallow bituminous coal discoveries since 2009 with coal seams ranging in continuous vertical thickness from 9 to 89 meters. Saturn has a strategic ownership in Inowending Exploration & Development Corp., a First Nations owned exploration and development company co-founded by Saturn with a consortium of Saskatchewan First Nations active in Canada's prairie provinces.
On Behalf of the Board of Directors
Stan Szary, Chief Executive Officer
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