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Saturn Oil & Gas Inc. Announces its First Development of Cardium and Bakken Light Oil and the Highest Initial Production Rates on New Frobisher Wells to Date
Calgary, Alberta--(Newsfile Corp. - December 5, 2023) - Saturn Oil & Gas Inc. (TSX: SOIL) (FS...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces its First Development of Cardium and Bakken Light Oil and the Highest Initial Production Rates on New Frobisher Wells to DateCalgary, Alberta--(Newsfile Corp. - December 5, 2023) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) (\"Saturn\" or the \"Company\") is pleased to announce the initial production results for its most recently drilled 13 gross (11.4 net) wells, including Saturn's first development of Alberta Cardium and Saskatchewan Bakken light oil targets. Saturn has continued its success in the development of its deep inventory of locations in Southeast Saskatchewan including the best performing group of Frobisher wells the Company has drilled to date.\"Saturn has been active developing new light oil production in all four core operating areas in the second half of 2023 and is delivering excellent drilling results,\" commented Justin Kaufmann, Saturn's Chief Development Officer. \"The diversity of Saturn's large and high-quality portfolio of drilling locations has been key to delivering strong and repeatable returns on invested capital.\"Southeast Saskatchewan Drilling UpdateSaturn completed 6 gross (5.5 net) horizontal wells targeting Bakken light oil in the Viewfield area in the third and fourth quarter of 2023. The new Bakken wells' initial 30-day production (\"IP30\") averaged approximately 113.8 bbls/d of light oil. During the initial production periods the Bakken wells typically showed improving oil production, averaging the first 15 days at approximately 100.0 bbls/d and increasing to an average of approximately 127.6 bbls/d in the last 15 days. The average IP30 production was 13% above the Company's type curve expectations.Saturn recently put on production 4 gross (4.0 net) horizontal wells targeting Frobisher light oil in the Crealman, Glen Ewen, Ingoldsby and Weir Hill areas. The new Frobisher wells had an average IP30 of 98.7 bbls/d of light oil and are the highest initial producing set of Frobisher wells the Company has drilled. The Crealman 01/04-02-009-10W2/00 was Saturn's best performing new Frobisher well, averaging over 200.0 bbls/d of light oil for a 13-day period. The average IP30 production for the four new Frobisher wells was 43% above the Company's type curve expectations.Central Alberta Drilling UpdateDuring the third quarter the Company completed...