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Last C$0.18 CAD
Change Today -0.005 / -2.78%
Volume 50.5K
As of 12:59 PM 07/3/15 All times are local (Market data is delayed by at least 15 minutes).

saturn minerals inc (SMI) Snapshot

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52 Week High
05/13/15 - C$0.24
52 Week Low
10/14/14 - C$0.11
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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 explores for coal, and oil and gas properties in Saskatchewan and Manitoba. As of September 30, 2014, it owned approximately 287 square kilometers of coal rights in eastern Saskatchewan and western Manitoba; and 152,484 hectares of oil and gas rights in the northern Williston Basin in eastern Saskatchewan. 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. Updates the Results from its Operated 9-5 Bannock Creek Exploration Well in Northeast Saskatchewan

Saturn Minerals Inc. announced an update on the results from its operated 9-5 Bannock Creek exploration well in northeast Saskatchewan. The initial 9-5 borehole encountered formations that lead to successive circulation losses. The hole was recovered repeatedly with the addition of loss circulation material as well as a considerable amount of cement patching. Faulting near the drill target, although important for structural closure, may have also contributed to the lost circulation zones. The hole was lost at a final loss of circulation and collapse of the borehole onto the drill pipe approximately 80 metres from the targeted Red River Formation. The company has received a proposal from its drilling consultants for the next borehole to run deeper surface casing and subsequent intermediate casing down most of the length of the hole to avoid any collapse issues while drilling. Packers and cement back filling will also be utilized to stabilize the hole at depth. Additional review of geophysical data is presently being reviewed to determine if a modified location is viable to mitigate the effects of local faulting.

Saturn Minerals Abandons First Oil Well at Bannock Creek, Saskatchewan

Bayhorse Silver Inc. advises that Saturn Minerals Inc. reported that due to technical problems, including an unrecoverable drill bit blockage at 560 meters, it has abandoned its first oil well on its approximately 250 square mile Bannock Creek light crude oil prospect in Saskatchewan's Williston Basin. Saturn reported that an initial review of the downhole data acquired during drilling indicates a second successful well could be drilled at the same location. Saturn advises it is conducting a full review of the technical problems encountered with its technical advisors and drilling team, and will make its decision to proceed with a second well upon completion of the review.

Saturn Minerals Inc. Provides Update on Operated 9-5 Bannock Creek Exploration Well

Saturn Minerals Inc. announced an update on the results from its operated 9-5 Bannock Creek exploration well in northeast Saskatchewan which commenced drilling on May 12, 2015. The current drilling team and rig have not reached the three targeted zones of the Yeoman, Deadwood and Winnipeg sands, with the drill bit reaching a total depth of 560 meters, approximately 70 meters above the potential oil bearing zones. The drill team encountered several successive lost circulation intervals due to excessively fine-grained sands. Following the loss of circulation for a fourth time, the use of lost circulation material was employed resulting in the drill bit becoming planted in the hole. Jarring tools were sent to the drill site but the operation was also unsuccessful. As a result of the technical problems encountered, the Company has decided to abandon the current well and is considering its options, which includes drilling an additional well at the location. Initial review of the data indicates that a successful second well could be drilled at the location, which would reach the targeted pay zones. The Company will complete a full review with its technical advisors and drilling team and make its decision to proceed with a second well upon completion of the review. The three targeted oil zones remain intact and highly prospective for the potential of economic accumulations of oil & gas. Stratigraphic information from the first well has also indicated that targeted pay zones will be somewhat shallower than first modeled.


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