Bayhorse Silver Inc. BHS: TSX-V
Saturn Minerals Inc ("Saturn"
reports it has completed a third, 2D, two line, 27 km seismic program over the 253,000 acre (398 sq/mile) Little Swan light oil prospect, which the Company is farming in on, in east-central Saskatchewan's portion of the oil-rich Williston Basin. (see BHS2015-14)
Prior seismic by Saturn has already confirmed the anticlinal four way closure of a drillable prospect on its nearby Bannock Creek oil prospect. The closed fault bounded roll over structure is approximately 480 acres minimum in area and has the potential to contain up to 38 million barrels in place from all three targeted reservoirs. (see BHS2015-09) The closure of this structure compares very favorably with existing producing light oil pools to the south of Bannock Creek and Little Swan. Light sweet crude oil intersections in the Red River formation, the target for both Little Swan and Bannock Creek, have been identified as close as 30km south-west of the Little Swan prospect.
We expect the next significant news release on the Bannock Creek and Little Swan oil prospects will probably be approval of the drilling permit by the Province of Saskatchewan for the first oil well on the Bannock Creek prospect. This has been applied for and Saturn is only awaiting approval before announcing the drilling. Weather conditions are not anticipated to delay the drilling once the permit has been issued.
There has been substantial coverage on the recent declines in the oil price that has many investors hesitating as to whether to invest back in the oil market. This is understandable as some are of the opinion that more oil price declines are to come.
What distinguishes Bannock Creek and Little Swan from existing oil plays is that Saturn is drilling a "Wild Cat" play, and while there is always a risk in exploration, the rewards can be substantial in the event of a discovery. In this case we are comparing the potential to the substantial gains made by Junex Resources on their recent discovery. Despite the low oil price, their share price went from $0.20 cents to $1.80, or a nine times gain in 90 days from commencement of drilling.
Thanks for your ongoing support
Sincerely,
Alan Jones
Saturn Minerals Inc ("Saturn"
reports it has completed a third, 2D, two line, 27 km seismic program over the 253,000 acre (398 sq/mile) Little Swan light oil prospect, which the Company is farming in on, in east-central Saskatchewan's portion of the oil-rich Williston Basin. (see BHS2015-14) Prior seismic by Saturn has already confirmed the anticlinal four way closure of a drillable prospect on its nearby Bannock Creek oil prospect. The closed fault bounded roll over structure is approximately 480 acres minimum in area and has the potential to contain up to 38 million barrels in place from all three targeted reservoirs. (see BHS2015-09) The closure of this structure compares very favorably with existing producing light oil pools to the south of Bannock Creek and Little Swan. Light sweet crude oil intersections in the Red River formation, the target for both Little Swan and Bannock Creek, have been identified as close as 30km south-west of the Little Swan prospect.
We expect the next significant news release on the Bannock Creek and Little Swan oil prospects will probably be approval of the drilling permit by the Province of Saskatchewan for the first oil well on the Bannock Creek prospect. This has been applied for and Saturn is only awaiting approval before announcing the drilling. Weather conditions are not anticipated to delay the drilling once the permit has been issued.
There has been substantial coverage on the recent declines in the oil price that has many investors hesitating as to whether to invest back in the oil market. This is understandable as some are of the opinion that more oil price declines are to come.
What distinguishes Bannock Creek and Little Swan from existing oil plays is that Saturn is drilling a "Wild Cat" play, and while there is always a risk in exploration, the rewards can be substantial in the event of a discovery. In this case we are comparing the potential to the substantial gains made by Junex Resources on their recent discovery. Despite the low oil price, their share price went from $0.20 cents to $1.80, or a nine times gain in 90 days from commencement of drilling.
Thanks for your ongoing support
Sincerely,
Alan Jones
