Total
0
Shares
Source: Saturn Oil & Gas.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Saturn Oil & Gas (SOIL) has completed a third quarter drill program at its Loverna property
  • All three of the Loverna wells were drilled successfully and brought into production in October 2021
  • In total, Saturn reached capital expenditures of nearly $4.5 million across its operations
  • The company’s current production is at approximately 7,000 barrels of oil equivalent per day
  • Saturn Oil & Gas is a Canadian energy company focused on it properties in Saskatchewan
  • Shares in Saturn Oil & Gas Inc. (SOIL) are up 1.0 per cent, trading at $4.04 per share

Saturn Oil & Gas (SOIL) has completed a third quarter drill program at its Loverna property.

At Loverna, Saturn drilled three Extended Reach Horizontal (ERH) wells targeting Viking oil. All three of the Loverna wells were drilled successfully, brought into production in October 2021 and are in line with the company’s internal forecasted production rates of light oil.

The company also reactivated existing non-producing wells and participated in two gross, non-operated wells. These non-operated wells and workovers contributed additional light oil production throughout the third quarter.

In total, Saturn reached capital expenditures of nearly $4.5 million across its operations at Loverna.

Justin Kaufmann, senior vice president of exploration at Saturn, commented,

“We are extremely pleased with the results of the completed drills, especially the encouraging results of the southern-most well of this program.”

“This further provesup our internal geologic model in the regional area,” added Mr. Kaufmann, “opens the prospectivity for development of Saturn’s contiguous five sections of land, and de-risks up to 10 new ERH drilling locations.”

In the first 15 days of production, the company reached 202 barrels per day at the Loverna wells and 130 barrels per day at the workover and non-operated wells. Based on field estimates, the company’s current production is at approximately 7,000 barrels of oil equivalent per day.

Saturn Oil & Gas is an energy company focused on the acquisition, exploration, evaluation, and production of resource properties in Canada.

Its focus is to advance the exploration of its oil and gas properties in west-central and southeast Saskatchewan.

Shares in Saturn Oil & Gas Inc. (SOIL) are up 1.0 per cent, trading at $4.04 per share as of 9:33 am ET.

More From The Market Herald

" Hanwei (TSX:HE) announces proposed sale of Harvest Longwall High Pressure FRP Pipe Co., Ltd.

Hanwei Energy Services (HE) has arranged for the sale of Harvest Longwall High Pressure FRP Pipe Co., Ltd.

" Razor Energy Corp. (TSXV:RZE) releases Q3 2021 results

Razor Energy Corp. (RZE) has announced its third-quarter 2021 financial and operating results.
Solar Alliance Energy - CEO, Myke Clark.

" Solar Alliance (TSXV:SOLR) releases Q3 results

Solar Alliance Energy (SOLR) has set the stage for long-term growth after a productive third quarter.

" Hemisphere Energy (TSXV:HME) accelerates 2022 drilling program

Hemisphere Energy (HME) has released an update on its drilling operations in the Atlee Buffalo area of southeast Alberta.