- Saturn Oil & Gas Inc. (SOIL) has reached the midpoint of its 2022 Land Reclamation Program (LRP) and provided an update on its active drilling program in Saskatchewan
- Since December, the LRP has been returning land previously leased for oil and gas production to landowners in “pristine” condition
- Saturn has fully abandoned 63 wells with 11 more to be cut and capped, abandoned 32 flow lines, and discontinued an additional 41 flow lines
- For the drill programthe company has drilled and rig released 20 horizontal wells
- Production has increased to 12,000 barrels of oil equivalent per day
- Saturn Oil & Gas Inc. (SOIL) is down 2.96 per cent trading at $2.62 per share as of 2:26 p.m. ET
Saturn Oil & Gas (SOIL) has reached the midpoint of its 2022 Land Reclamation Program (LRP) and provided an update on its active drilling program in Saskatchewan.
Since December, the LRP has been returning land previously leased for oil and gas production to landowners in “pristine” condition. Saturn has fully abandoned 63 wells with 11 more to be cut and capped, abandoned 32 flow lines, and discontinued an additional 41 flow lines.
Saturn expects up to 90 additional wells to be fully abandoned, cut and capped for the remainder of this year along with 50 additional flow lines to be abandoned. The program is meant to offer economic support to local businesses and indigenous communities.
Remediation activities also provided valuable salvaged wellheads, downhole equipment, steel tubing and other materials for reuse which lowered Saturn’s ongoing operating and drilling costs and certain liabilities.
As for its active drilling program, the company has drilled and rig released 20 of a budgeted 50 horizontal wells, nine of which have just been placed onto production.
Saturn stated it will release a more details report when sufficient data is available for IP30 results on the newly drilled wells later this month. The company has increased its production to approximately 12,000 barrels of oil equivalent per day and is on track to add an additional 500 per day by its fourth quarter.
Saturn Oil & Gas Inc. (SOIL) is down 2.96 per cent trading at $2.62 per share as of 2:26 p.m. ET.
