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.
Recommended Reading
Beach Town Corpus Christi Grows into America’s Top Energy Port
2024-01-16 - The Port of Corpus Christi is the U.S.’ largest energy export gateway and in terms of total revenue tonnage as increased midstream investments have opened export markets for the prolific Permian Basin.
Gushing, Ohio: EOG Joins Ascent, Encino in Top Oil Wells
2024-01-22 - EOG’s latest wells in its new Ohio oil play are rolling into state public records, while Ascent Resources and Encino Energy are reporting the biggest producers. All three are landing 3-milers. Some are 3.5 miles.
Chevron Hunts Upside for Oil Recovery, D&C Savings with Permian Pilots
2024-02-06 - New techniques and technologies being piloted by Chevron in the Permian Basin are improving drilling and completed cycle times. Executives at the California-based major hope to eventually improve overall resource recovery from its shale portfolio.
Light Oil Discovery Made Offshore Namibia
2024-01-11 - Galp Energia said a significant light oil discovery was made in the Orange Basin and a drill stem test will be performed to assess the discovery’s commercial viability
NAPE: Turning Orphan Wells From a Hot Mess Into a Hot Opportunity
2024-02-09 - Certain orphaned wells across the U.S. could be plugged to earn carbon credits.