This news is classified in: Traditional Energy Oil and Gas
Mar 29, 2016
Saturn Minerals Inc. announces that the completions program at its Bannock Creek project has been finalized, a well head has been secured, a packer has been set at the top of the tested zones and that the well has been shut in. All zones of interest were tested and the results of the completions program are being analyzed to determine the most efficient production methodology for the 9B-5 well. The Company also announces that it will adhere to a "tight-hole status" of the 9B-5 well as per Provincial Regulations. Commiserate with the tight-hole status of the well, the Company's "black out status" will also remain in effect. The black out status prohibits insiders of the Company from trading in the shares of the Company.
Due to local ground conditions, road bans are now effective in the area of the 9B-5 well. The road bans are expected to be in effect for approximately 30 days.
"The potential of the Northern Williston basin for conventional oil migration and pooling is more prolific than conventional wisdom says. The completions program has helped us to more fully understand just how prospective this part of the province is. With the information gained from 9B-5 we will strategically leverage this knowledge in our regional strategy for this area," said Stan Szary, Saturn's CEO.
The Company will further update results of 9B-5 on or prior to the end of the tight-hole status period.
