Saskatoon-based Saturn Oil & Gas Inc (TSX-Venture:SOIL) made some noise Monday, on a day when markets were being buffeted and blown around, with news the company was adding to its land holdings.
A release issued Monday said was the top purchaser of acreage in the Kindersley-Kerrobert area of Saskatchewan at the Crown land sale last week. The Company spent $640,583 to acquire seven lease parcels totaling four 10/16 sections, bringing Saturn’s total land position to 40 5/16 sections (37 9/16 net). Additionally, the Company is pleased to announce the completion of the Q4 drill program, as was previously announced.
The Company acquired one section with rights from surface to top of Precambrian in the Avon Hill area. The parcel has recent Viking production on offsetting sections. Saturn has identified multiple horizontal well locations on the parcel and will be licensing an extended reach horizontal Viking well that the Company anticipates it will drill during its 2019 summer drill program.
Saturn also acquired a number of sections with rights from surface to top of Precambrian in the Prairiedale area. The parcel has recent Viking production on offsetting sections. Saturn has identified multiple horizontal well locations on the parcel and will be licensing an extended reach horizontal Viking well in the coming weeks to be drilled during the 2019 summer drill program.
The activity caused the stock to rise half a cent, or 2.5%, by noon ET Monday, to a price of 20 cents, on 138,000.
