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Saturn Oil & Gas Inc. Announces Milestone of 12,000 boe/d of Production, Progress of Land Reclamation Program, and Board Nominations
Saturn has tied-in nine horizontal wells drilled since spring break up increasing production ...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Milestone of 12,000 boe/d of Production, Progress of Land Reclamation Program, and Board NominationsSaturn has tied-in nine horizontal wells drilled since spring break up increasing production to 12,000 boe/d[1]$8 million of environmental remediation expenditures have been deployed of total 2022 budget of $14 million[2]Dr. Thomas Gutschlag and Mr. Grant MacKenzie are new nominees for election to the board of directorsCalgary, Alberta--(Newsfile Corp. - September 7, 2022) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (\"Saturn\" or the \"Company\") is committed to leading environment, social and governance (\"ESG\") policies and procedures in its operations and is pleased to announce that the Company has reached the midpoint of its 2022 Land Reclamation Program (the \"LRP\") and successful progress in our 2022 drilling program.Operations UpdateSaturn is pleased to announce that since spring breakup concluded, the Company has drilled and rig released 20 horizontal wells, of which nine have been recently placed onto production, seven are imminent to be put into production and four are currently being completed.\"Saturn is now well into its H2 2022 capital expenditure program, which is budgeted for the drilling of 50 horizontal wells, which comparatively is a greater number of wells than Saturn has drilled in its previous history as an oil and gas producer,\" stated Jordan Meyer, Saturn's Vice President Engineering. \"We are pleased with the operational results to date and our continued production growth and we look forward to executing on a very active drilling program for the remainder of the year.\"Saturn expects to release a more detailed operational update in mid September when sufficient data is available for IP30 results on the new drilled wells. The successful drilling results to date and the increased production to approximately 12,000 boe/d, based on field estimates, are encouraging and the Company remains on track to reach stated guidance of 12,500 boe/d average production for Q4 2022.Land Reclamation Program UpdateThe LRP was initiated in December 2021 with the goal of returning land previously leased for oil and gas production to landowners in pristine condition. Saturn is currently operating three service rigs full time to the remediation of uneconomic wells, and to date:63 wells ...