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Saturn Oil & Gas Inc. Provides Operations Update Highlighted by Spearfish Drilling Outperformance and Updated 2023 Guidance
Calgary, Alberta--(Newsfile Corp. - September 20, 2023) - Saturn Oil & Gas Inc. (TSX: SOIL) (...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Provides Operations Update Highlighted by Spearfish Drilling Outperformance and Updated 2023 GuidanceCalgary, Alberta--(Newsfile Corp. - September 20, 2023) - Saturn Oil & Gas Inc. (TSX: SOIL) (FSE: SMKA) (OTCQX: OILSF) (\"Saturn\" or the \"Company\") today announces an operations update highlighted by well performance that has exceeded expectations from the Company's recent Spearfish drilling at the Oxbow area, along with providing updated guidance for the balance of 2023 that reflects lower capital spending with better well performance. \"Our Spearfish light oil drilling program has generated capital efficiencies that are among the strongest we've seen across our asset base, and have outperformed our internal expectations, which confirms the extensive multizone development opportunities offered by our Oxbow asset,\" commented Justin Kaufmann, Saturn's Chief Development Officer. \"We intend to build on this momentum with upcoming results from the recent successful drills in the Frobisher and unconventional Bakken, which the Company continues to exploit in southeast Saskatchewan. Saturn also plans on drilling its first ever multileg conventional Bakken well early in the fourth quarter of the year, which will be one of the main highlights of the drilling season due to the potential booked locations that could result from it. We are also excited for the for initial production numbers from the delayed development in the Montney and Cardium in Alberta, which are expected to have a significant impact on 2023 exit production and 2024 production averages.\"Spearfish Wells Driving Better Results on Lower CapitalIn June of 2023, Saturn initiated the Company's first development program targeting light oil from the prolific Spearfish formation, comprised of six horizontal wells in the Manor area of Southeast Saskatchewan. Three of the wells were drilled using dual horizontal laterals and were among the best producers of the group, supporting Saturn's ability to increase potential recoveries without incurring significant drilling costs. Building on the momentum realized in Saturn's drilling program to date in 2023, the Company intends to drill up to three additional Spearfish locations before year end, and to continue developing this light oil resource into 2024. The Company has initial production results from five...