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Saturn Oil & Gas Inc. Reports Successful Q1 2023 Drilling Results, Production Curtailment and ESG Report
Drilled 13 net operated horizontal wells in Q1 2023, with 100% success rate and average initial p...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Reports Successful Q1 2023 Drilling Results, Production Curtailment and ESG ReportDrilled 13 net operated horizontal wells in Q1 2023, with 100% success rate and average initial production exceeding forecast type curves by 37%;Drilled a top 5 best performing oil well in Saskatchewan, Weir Hill 11-21, IP30 149 bbls/d, based on February 2023 production, of the over 200 wells drilled in province for January 2023; andReleased Saturn's inaugural Sustainability Report on environmental, social and governance performance.Calgary, Alberta--(Newsfile Corp. - May 8, 2023) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (OTCQX: OILSF) (\"Saturn\" or the \"Company\") is pleased to provide the results to date from its Q1 2023 drilling program and the release of Saturn's inaugural report on its commitment to best practices for environmental, social and governance (\"ESG\") for sustainable development of the Company's energy resources (the \"Sustainability Report\").\"The first quarter was a great start to Saturn's 2023 capital program with the successful drilling of 13 horizontal wells in Saskatchewan, which have all now been put into production,\" commented Justin Kaufmann, Chief Development Officer. \"The successes of the 2022 drilling campaign have led Saturn to focus on repeatable development opportunities in its best performing oil pools in Saskatchewan, which is now being reflected in superior 2023 initial production results.\"The following table summarizes Saturn's Q1 2023 drilling results:Number of LocationsAverage IP30 per LocationGuidance Type CurveActual vs. GuidanceTotal CapitalCapital EfficiencyOxbow New Horizontal Wells579.2 bbls/d69.0 bbls/d+15%$6.2M$15,760 /bbl/dViking New Horizontal Wells8103.2 bbls/d68.0 bbls/d+52%$10.4M$12,645 /bbl/dTotal1394.0 bbls/d68.4 bbls/d+37%$16.6M$13,655 /bbl/d Oxbow Drilling UpdateSaturn drilled five Oxbow horizontal wells, with 100% working interest, (three Frobisher and two Midale targets) in Q1 2023 with initial 30-day average production (\"IP30\") of approximately 79.2 bbls/d per well, which is 15% above the Company's expected type curves for Oxbow wells. The average incurred capital cost of each Oxbow horizontal well has been within the budgeted $1.25 million per location. The highlight of the Q1 drilling program was the 101/11-21-006-05W2 well (the \"Weir Hill 1...