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Saturn Oil & Gas Inc. Announces Successful Results of 2022 Drilling Program and Record Production in Q4 2022
Drilled 57 gross horizontal wells in 2022 targeting light oil with a 100% success rate Productio...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Successful Results of 2022 Drilling Program and Record Production in Q4 2022Drilled 57 gross horizontal wells in 2022 targeting light oil with a 100% success rateProduction was 16% above type curve well expectations, on average, for 30-day initial production (IP30) for the 2022 drilled operated wellsEstimated average production for Q4 2022 was a record 12,514 boe/d (96% oil and natural gas liquids), in-line with production guidance released in May 2022Calgary, Alberta--(Newsfile Corp. - February 13, 2023) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (OTCQX: OILSF) (\"Saturn\" or the \"Company\") is pleased to provide results from its 2022 capital expenditure program and operational highlights. The 2022 capital program totaled approximately $89.1 million with 80% of expenditures directed to horizontal drilling in Saturn's two operational areas, the Oxbow Asset in Southeast Saskatchewan, and the Viking Asset in West-central Saskatchewan. The balance of capital expenditures was invested in facilities improvements, workover & optimization projects and acquiring land. Highlights of the 2022 capital program include:57 gross (55.4 net) horizontal wells drilled which all have been placed into production of light oil for total capital expenditure of approximately $71.1 million, consisting of:25 gross (24.4 net) wells were drilled in the Oxbow Asset, including five gross wells (4.7 net) that were re-drilled new horizontal legs of existing well bores, of which the final two wells were brought on production in December;32 gross (31.0 net) wells were drilled in the Viking Asset with initial production for 30 days (IP30) averaging 93.7 bbl/d per well, which is approximately 38% above Saturn's forecasted type curve for Viking wells, of which the final three well pad was completed and brought on production in January 2023; andQ4 2022 production is estimated at 12,514 boe/d, which is in line with guidance forecasted production announced with the Viking acquisition in May 2022, with December 2022 production estimated at 13,128 boe/d.\"2022 had the most active and impactful capital expenditure program in Saturn's history. We are very pleased with overall results of the drilling program, outperforming our forecasted type curves and expanding our geological model to capture additional light oil resources f...