- Saturn commences development drilling and workover program in West Central Saskatchewan
- Warrants from June 2021 equity financings are now listed for trading on the TSX-V as SOIL.WT
- The board of directors has approved the grant of 12.5 million incentive stock options
Saturn Oil & Gas Inc. is pleased to announce the start of a three well development drilling program in West Central Saskatchewan. In addition, the 268.3 million common share purchase warrants issued in conjunction with the June 2021 equity private placements (the "Warrants") will commence trading under the symbol SOIL.WT on the TSX Venture Exchange effective August 3, 2021. Finally, the board of directors of the Company has granted 12,500,000 incentive stock options to directors, officers, employees and consultants.
Initiation of Development Drilling in West Central Saskatchewan
Saturn will be drilling three Extended Reach Horizontal (ERH) wells in West Central Saskatchewan, targeting light oil in the Viking formation. Each of the wells will be 100% working interest to Saturn with the first well expected to spud in August 2021. The company will also be performing other field activities and workovers at the Viking Asset with the intent of enhancing current production.
"We are encouraged to reinitiate our development activities at our Viking Asset where Saturn has extensive experience in drilling ERH wells with a strong track record of success," said John Jeffrey, CEO of Saturn. "These initial three wells will kick off our operated drilling program that we intend to expand in Q4 2021 and into next year."
Corporate Update
Today the Warrants issued in conjunction with the oversubscribed $32.2 million June private placement will commence trading on the TSX Venture Exchange. Each Warrant entitles the holder to purchase one common share in the capital of the Company at an exercise price of $0.16 per common share and expires on June 2, 2023.
In addition, the board of directors of Saturn has granted inventive stock options to certain directors, officers, employees and consultants of the Company under the Company's shareholder approved stock option plan, entitling them to purchase an aggregate of 12,500,000 common shares for a period of five years at a price of $0.12 per share.
