Saturn Oil & Gas Inc. increases land position and provides operational update

SASKATOON, SASKATCHEWAN --  Saturn Oil & Gas Inc. has successfully bid on certain targeted parcels at the recent Crown land sale, earlier this month. The company acquired 5 lease parcels totaling 5 sections, bringing Saturn’s total land position in the Kindersley area to 33.75 sections.

Saturn’s additional acreage builds on their existing Dodsland and Milton assets as well as two sections in the Plenty area. “Our technical team has been focusing on these assets for several months and excited with the perspectivity of these areas. We see good offsetting production and favorable reservoir for development,” stated Justin Kaufmann, Saturn’s V.P., Exploration.

Saturn has successfully drilled 5 additional Viking horizontal wells since the news release dated September 2018. The company has 9 additional horizontal wells planned for fourth-quarter 2018 which will commence in the coming weeks. Due to unfavorable weather conditions and the company being ahead of schedule, Saturn has decided to take a 10- to 14-day break in drilling. This time is to allow the ground to freeze and avoid unnecessary costs associated with poor weather conditions. Completion operations on these 5 wells will move ahead during this time and the company will release results on production as they come available.

The company is pleased to announce that due to positive share price performance and continued growth in production, the company has seen 7,731,972 share purchase warrants exercised in connection with the private placements closed on June 30, 2017 and November 30, 2017. A total of 6,475,972 warrants were exercised at a price of $0.15 and 1,256,000 warrants were exercised at a price of $0.20. Total proceeds from warrants exercised was $1.22 million and will be focused on growing asset base and development drilling.

Geoff Jones, CFO of Saturn says, "We are happy that our shareholders have chosen to exercise their warrants prior to their scheduled expiry. We view this as a strong endorsement of Saturn’s abilities to create value through the use of this capital in a sustainable and profitable way. The confidence of our shareholders is demonstrated with this investment in our team and our assets."