APRIL 24, 2015 – BHS2015-17
Bayhorse Silver Inc. BHS: TSX-V (the “Company” or “Bayhorse“) advises that Saturn Minerals Inc. (“Saturn”) has been granted a Permit & License under the Oil and Gas Conservation Act, Province of Saskatchewan, to drill its first oil well at its Bannock Creek Property.
Saturn reports it has contracted with West Rock Energy Consultants Ltd., Calgary, AB to provide all logistical support and the drill for the drilling program under the direction of the Company’s Geological team, Craig Boland, P.Geo. and Chris Barton, P. Geo.
Saturn states that it will mobilize the drilling rig and crew to the drill site as soon as the road ban restrictions due to soft ground conditions are lifted and the ground conditions permit.
Saturn identified the well location in its recently completed 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 in Saskatchewan. The data confirmed the anticlinal four-way closure of the drillable prospect at Bannock Creek. The closed fault bounded roll over structure is 480 acres minimum in area and has the potential to contain up to 38 million barrels in place of resource from all three targeted reservoirs.
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 first exploration well which will be drilled and completed conventionally to a depth of less than 1,000 meters that was announced in Saturn’s news release of February 10, 2015.
Bayhorse president & CEO, Graeme O’Neill, comments that “with WTI crude oil trading at US$56-$57 barrel and projected costs approximately C$25 barrel, this is an exciting time for Saturn, and Bayhorse, as a successful, conventional oil well should also significantly affect the prospects for the nearby Little Swan oil project that Bayhorse is farming in on.