May 20, 2015 BHS2015-19
Bayhorse Silver Inc. BHS: TSX-V (the “Company” or “Bayhorse“) advises that Saturn Minerals Inc. (“Saturn”) reports 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.
Bayhorse President Graeme O’Neill comments “Technical difficulties are commonly encountered in oil well drilling operations and while it is disappointing, investors should not be unduly worried. At this stage of the program, substantial downhole data will have been received and stratigraphic problem areas identified, that should take any uncertainty away from future operations”.
Saturn reports 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 states that the three targeted oil zones remain intact and highly prospective for the potential for economic accumulations of oil and gas.