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Last C$0.11 CAD
Change Today 0.00 / 0.00%
Volume 33.0K
As of 3:59 PM 11/27/15 All times are local (Market data is delayed by at least 15 minutes).

saturn minerals inc (SMI) Snapshot

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05/13/15 - C$0.24
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11/23/15 - C$0.10
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saturn minerals inc (SMI) Details

Saturn Minerals Inc., an exploration stage company, engages in the acquisition, exploration, evaluation, and development of energy and resource deposits in Canada. The company primarily explores for oil and gas, and coal properties in Eastern Saskatchewan and Western Manitoba. It holds interests in the Little Swan and Bannock Creek projects with approximately 16 townships covering approximately 376,800 acres located in the province of Saskatchewan; and 100% interests in the Apex 3 and 4 mineral claims located in the New Westminster Mining Division, British Columbia. The company was incorporated in 2001 and is headquartered in Vancouver, Canada.

Founded in 2001

saturn minerals inc (SMI) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$72.0K
Chief Financial Officer
Total Annual Compensation: C$20.6K
Compensation as of Fiscal Year 2013.

saturn minerals inc (SMI) Key Developments

Saturn Minerals Inc. Receives Approval from Saskatchewan Ministry of the Economy for Oil Exploration Well at Bannock Creek

Saturn Minerals Inc. announced that the Saskatchewan Ministry of the Economy has granted approval to the company for one Red River or Deadwood Formation oil well, at the company’s Bannock Creek property, located at 9-5- 44-8 W2M. The approval was granted to Saturn by a Minister’s Order dated September 17, 2015, correcting the Order initially issued to Jaguar Resources Inc., on July 7, 2015. Based on the Order the Company is anticipating receipt of a drilling license for a new well to be drilled adjacent to the original well drilled by the Company in May of 2015. Saturn identified the well location in a 2D seismic program, which was designed to identify and confirm closure for potential light oil traps in the stacked Red River, Winnipeg and Deadwood Formations of the Northeastern Williston Basin. The data confirmed the anticlinal four-way closure of the drillable prospect at the Company’s 120,000 acre Bannock Creek property. The closure of this structure, which compares very favorably with existing producing light oil pools to the south of Bannock Creek and the validation of Saturn’s exploration model has resulted in Saturn selecting this prospect as the Company’s second exploration well which will be drilled and completed conventionally to a depth of less than 1,000 meters.

Saturn Minerals Inc. Announces Update on Bannock Creek Oil Property

Saturn Minerals Inc. announced that it has finished a site visit to the locations to determine, among other things, ground conditions, crop status and access with the objective of initiating the drilling program. The company discussed the accessibility to the drill locations with the Rural Municipality of Porcupine Plain and local landowners. Due to large amounts of precipitation in the area over the past months, the company and its partners will proceed with the logistics of the proposed drilling program as soon as the freeze up starts and the ground conditions allow for heavy-duty transport of trucks and equipment. The exploration area is near graveled roads, but it is necessary that all trucks and service providers have full and reliable access to the drilling locations. The company wants to prevent unnecessary costs and stay focused on the economics of an efficient drilling program. In discussions with the RM the company was advised that upon freeze up the RM would be in a better position to allow side road transport and would work with the company for access in utilizing the RM's road equipment to clear side roads. It is the intention of the company to closely monitor ground conditions in the Bannock Creek area and maintain close communication with the RM and local landowners in order to initiate the drilling program in a timely manner.

Saturn Minerals and Jaguar Resources Amend the Joint Venture Partner Agreement

Saturn Minerals reported that further to the announcement dated June 30, 2015, the company and Jaguar Resources have agreed to amend the Joint Operating Agreement (JOA) initially entered into May 27, 2014. Under the terms of the initial JOA where a party has proposed a well to be drilled on the joint lands and the other party chooses not to participate, then the non-participating party would agree to farm out 100% of their respective working interest in five (5) contiguous sections, subject to a proportionate non-convertible 1% Overriding Royalty. Under the agreed to amendment the parties have agreed to amend the non-convertible Overriding Royalty to a 3% Gross Overriding Royalty (GORR) convertible into a 10% Working Interest in the five (5) contiguous sections, for the non-participating party. The non-participating party would also be entitled to participate in a proposed well on a 50/50 basis provided that its share of the proposed costs of the well are received prior to the spud date or in accordance to the JOA. The company and Jaguar have also agreed that Jaguar is indebted to the company for funds expended by the company on the Joint Venture. Saturn and Jaguar have agreed to the amount of the default and Jaguar has agreed to reimburse Saturn upon securing funding. In the event that Jaguar is unable to settle the default and secure adequate funding for the proposed drilling program, the company has made an additional proposal to Jaguar to further amend the JOA whereby the company would continue as operator of the joint properties and grant Jaguar the above noted GORR convertible to a 10% working interest in all future operations on the joint properties.


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