Saturn Minerals Inc. (TSXV: SMI.V) and Vector Exploration Corp. amended an existing farm-in agreement for oil and natural gas permits in eastern Saskatchewan’s portion of the Williston Basin, Saturn said May 27.

The permits cover EP-71 and EP-72, the Little Swan and Bannock Creek properties, the company said.

The new joint venture’s (JV) terms have both companies holding 50% working interest in both projects, Saturn added. The JV is subject to approval by the TSX Venture Exchange and by both companies’ boards of directors, Saturn noted.

Also, an area of mutual interest (AMI) was agreed on, the company said. The AMI covers a portion surrounding the Little Swan and Bannock Creek properties, and both companies retain certain rights under the AMI, Saturn said.

Little Swan and Bannock Creek cover more than 376,800 acres, or 16 townships, the company said. The companies both have exclusive rights to any oil and natural gas discovered in the projects, Saturn added.

Saturn also provided updates on the companies’ work in the properties. Currently, both have completed three seismic vector programs, which resulted in the discovery of several basement structures, Saturn said. These are “extremely encouraging for the formation of oil and gas traps,” the company noted.

Saturn and Vector plan to drill vertical wells into multistack targets, Saturn said.

Saturn Minerals Inc. produces oil and natural gas in Saskatchewan and Manitoba. It is based in Vancouver, British Columbia.

Vector Exploration Corp. is an oil and natural gas company based in Calgary, Alberta.