Brian Zinchuk is editor and owner of Pipeline Online
Beautiful sunrise at the Savanna 431 drilling rig on the Saturn 10-20-25-17W3 oil well location. This is the first section of land to be drilled on what Saturn says is its transformational Viking Acquisition that closed July 6, 2022. Saturn Oil & Gas
CALGARY – Saturn Oil & Gas Inc. announced results from its 2022 capital expenditure program and operational highlights on Feb. 13, most of which was in Saskatchewan.
The 2022 capital program totaled approximately $89.1 million with 80 per cent of expenditures directed to horizontal drilling in Saturn’s two operational areas, the Oxbow Asset in southeast Saskatchewan, and the Viking Asset in west-central Saskatchewan. The balance of capital expenditures was invested in facilities improvements, workover and optimization projects and acquiring land.
Highlights of the 2022 capital program include:
- 57 gross (55.4 net) horizontal wells drilled which all have been placed into production of light oil for total capital expenditure of approximately $71.1 million, consisting of:
- — 25 gross (24.4 net) wells were drilled in the Oxbow Asset, including five gross wells (4.7 net) that were re-drilled new horizontal legs of existing well bores, of which the final two wells were brought on production in December;
- — 32 gross (31.0 net) wells were drilled in the Viking Asset with initial production for 30 days (IP30) averaging 93.7 bpd per well, which is approximately 38 per cent above Saturn’s forecasted type curve for Viking wells, of which the final three well pad was completed and brought on production in January 2023; and
- Q4 2022 production is estimated at 12,514 boepd, which is in line with guidance forecasted production announced with the Viking acquisition in May 2022, with December 2022 production estimated at 13,128 boepd.
Justin Kaufmann, Saturn’s chief development officer said in a release, “2022 had the most active and impactful capital expenditure program in Saturn’s history. We are very pleased with overall results of the drilling program, outperforming our forecasted type curves and expanding our geological model to capture additional light oil resources for future development.”
“As we kick off the 2023 drilling campaign, we look forward to following up on our successes of 2022 and capitalizing on the lessons learned in developing Saturn’s rapidly expanded land base and drilling inventory.”
Saturn’s Kevin Smith said by email, “We have two rigs drilling currently in Saskatchewan. The 2023 drilling program in Oxbow is currently underway with two horizontal wells now completed targeting Frobisher light oil, following up on successful wells drilled in 2022 in the Weirhill and Gainsborough areas. In the Viking Asset, Saturn is currently drilling a three well pad offsetting strong performing wells drilled in 2022 in the Herschel area.”
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