SASKATOON, SASKATCHEWAN--(Marketwired - March 21, 2017) - Saturn Oil + Gas Inc. ("Saturn" or the "Company") (TSX VENTURE:SMI)(FRANKFURT:SMK) is pleased to announce that it has closed a transaction within the Viking fairway near Kindersley, Saskatchewan.
Under the terms of the transaction, Saturn purchased 640 acres of Viking oil land in the greater Kindersley area from a local private operator. This land is highly prospective for increased Viking light oil production through horizontal development, and Saturn has identified at least 2 half mile horizontal drilling locations and 2 full mile horizontal drill locations. "This acquisition represents Saturn's continued effort to acquire high quality light oil Viking assets in West Central Saskatchewan," said Scott Newman, COO of Saturn.
Saturn Is also pleased to announce the appointment of John Jeffrey and Scott Newman to the company's Board of Directors. Mr. Jeffrey and Mr. Newman bring a unique skill set to the Board, their strong financial and strategic planning background will be an asset to the Company.
Mr. Jeffrey is a graduate of the University of Saskatchewan with a degree in economics and a MBA majoring in Finance. His experience as the area finance manager for a Fortune 200 engineering consulting firm gives him a strong background in operations and finance that has allowed him to successfully execute large international engineering and environmental projects. Mr. Jeffrey was appointed as the Chief Executive Officer for Saturn Oil + Gas Inc. in November 2016.
Mr. Newman is currently a director of Vela Resources Corp., a privately held helium exploration and development company based in Saskatchewan. Mr. Newman was also the President and founding partner of Axiom Exploration Ltd., a geological and engineering consulting company based in Saskatchewan. Mr. Newman has extensive experience in managing junior natural resource exploration companies, with a specific focus on the structuring and financing of early stage projects. Mr. Newman has been involved as an officer or advisor to several private and public resources exploration companies. Mr. Newman was appointed as the Chief Operating Officer for Saturn Oil + Gas Inc. in November 2016.
Saturn also announces that, subject to TSX Venture Exchange approval, it is amending the price per unit ("Unit") of its CAD $4.0 million private placement (the "Private Placement") (See December 21, 2016 news release). The amended price per Unit will now be CAD$ 0.08. Each Unit consists of one common Share (the "Shares") and one-half of a Share Purchase Warrant (the "Warrants"). Each whole Warrant will entitle the holder to purchase one additional common Share, exercisable at a price of CAD $0.15 per Share for a period of 18 months from the date of issue of the Warrant. All other terms of the private placement remain unchanged.
About Saturn Oil + Gas Inc.
Saturn Oil + Gas Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is a public energy Company focused on the acquisition and development of undervalued, low risk assets. Saturn is driven to build a strong portfolio of cash flowing assets with strategic land positions. De-risked assets and calculated execution will allow Saturn to achieve growth in reserves & production through retained earnings. Saturn's portfolio will become its key to growth and provide long-term stability to shareholders.
On Behalf of the Board of Directors
SATURN OIL + GAS INC.
John Jeffrey, MBA - CEO & Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.