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Saturn Oil & Gas Inc. Announces Successful Q3 2021 Drilling and Workover Program
Calgary, Alberta--(Newsfile Corp. - November 5, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL)...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Successful Q3 2021 Drilling and Workover ProgramCalgary, Alberta--(Newsfile Corp. - November 5, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (\"Saturn\" or the \"Company\") is pleased to announce the operational results of the 2021 third quarter drilling and workover program.Third Quarter Drilling ProgramSaturn drilled three operated, 100% working interest, Extended Reach Horizontal (\"ERH\") wells targeting Viking oil at its Loverna property (the \"Loverna Wells\"), performed workovers/re-activations of existing non-producing wells, and participated in two gross, non-operated wells (0.54 net wells), for $4.5 million of total capital expenditure. All three of the Loverna Wells were drilled successfully, brought into production in October 2021 and are in-line with the Company's internal forecasted production rates of light oil. The non-operated wells and workovers contributed additional light oil production throughout the third quarter, with strong capital efficiencies and production results exceeding internal expectations. A summary of the capital expenditures:Total CapitalExpenditure$ thousandsInitial ProductionFirst 15 Days1Bbl/dCapitalEfficiency2$/Bbl/dThree Loverna Wells$3,737202$18,500Workovers & Non-operated Wells$730130$5,604Total $4,467332$13,444 \"We are extremely pleased with the results of the completed drills, especially the encouraging results of the southern-most well of this program,\" commented Justin Kaufmann, Senior Vice-President, Exploration. \"It was drilled on a section that previously had been unexplored for Viking oil and had the strongest production of the three drilled wells. This further proves up our internal geologic model in the regional area, opens the prospectivity for development of Saturn's contiguous five sections of land, and de-risks up to 10 new ERH drilling locations.\"Current Company production is approximately 7,000 boe/d (96% crude oil and NGLs), based on field estimates.About Saturn Oil & Gas Inc.Saturn Oil & Gas Inc. is a growing Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities. Saturn has assembled an attractive po...