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Bayhorse Silver Executes Farm-In Agreement on Williston Basin Oil & Gas Prospect - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - November 7, 2014) - Bayhorse Silver (TSXV: BHS)...
About this update from Bayhorse Silver Inc.
[{"type":"text","content":"Bayhorse Silver Executes Farm-In Agreement on Williston Basin Oil & Gas Prospect - Video News Alert on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - November 7, 2014) - Bayhorse Silver (TSXV: BHS) has executed a letter of intent with Saturn Minerals, whereby Bayhorse Silver can earn 50% of Saturn's 50% interest in the 253,920 acre EP-71, the Little Swan oil \nand gas prospect in Saskatchewan's northern Williston Basin. Williston Basin is a large sedimentary basin beneath Saskatchewan, Manitoba, Montana and North Dakota. \n\nInvestmentPitch.com has produced a \"video news alert\" which provides a brief overview of the company. If this link is not enabled, please visit\nInvestmentPitch.com and enter \"Bayhorse\" in the search box. \n\n\n\nIf you cannot view the video above, please visit: \n\nhttp://www.investmentpitch.com/video/0_ey54q7ri/Bayshore-Silver-TSXV-BHS-Executes-a-letter-of-intent-with-Saturn-Minerals\n\n\nBayhorse will be required to make equalization payments to Saturn totaling $600,000, issue 500,000 shares of Bayhorse and assume Saturn's 2014-2015 seismic costs on Little Swan for $230,000. \n\nThe northern Williston Basin is underlain by a thick succession of sedimentary geology with many of the same formations hosting oil and gas in the central and southern parts of the basin. Exploration of the northern Williston Basin is revealing \nincreasing potential for the same and similar oil systems. \n\nAn aerial gravity-magnetic survey consisting of 1,600 line-kilometres, with 300 metres spacing was undertaken in mid-2012 over the Little Swan lands. The results showed basement structures exceeding 1,000 metres in depth. \n\nSaturn estimates that, based on the seismic knowledge gained to date, oil bearing systems may be found as deep as 1,200 metres. Drilling to that depth is estimated to cost $500,000 per vertical well, and neither fracking nor horizontal well \ndevelopment is anticipated. \n\nCommenting on the potential economic model of a prospective discovery in this part of the Williston Basin, Stan Szary, CEO of Saturn stated: \"The much lower costs of drilling a vertical well, and other associated benefits such as lower royalties \napplied to new discoveries, mean the netbacks on production from this area would be much higher than from deeper, non-conventional wells which require horizontal drill...