Saturn Oil & Gas - Saturn's Viking operations in Saskatchewan.
Saturn's Viking operations in Saskatchewan.
Source: Saturn Oil & Gas.
  • Saturn Oil & Gas (SOIL) has been awarded an additional $2.1 million in ASCP funding from the Saskatchewan government
  • As part of Saturn’s commitment to ESG leadership, the company is prioritizing a Land Reclamation Program to remediate legacy inactive wells
  • The Land Reclamation Program is set to begin in December 2021
  • Saturn Oil & Gas is an energy company focused on the acquisition, exploration, evaluation, and production of resource properties in Canada
  • Shares in Saturn Oil & Gas Inc. (SOIL) are up 2.22 per cent, trading at $3.68 per share

Saturn Oil & Gas (SOIL) has been awarded an additional $2.1 million in funding from the Saskatchewan government.

The funding comes from the Accelerated Site Closure Program (ASCP) and brings Saturn’s total ASCP funding to $13.6 million.

As part of Saturn’s commitment to ESG leadership, the company is prioritizing a Land Reclamation Program to remediate legacy inactive wells.

The Land Reclamation Program is set to begin in December 2021 with expectations of abandoning approximately 15 wells by the end of the year.

The ASCP funding allows the Land Reclamation Program to be executed through 2022 without requiring any cash flow from Saturn’s operations, which is currently directed to growth projects and debt reduction.

Saturn has allocated a budget of $20 million for site remediation over the next three years, which will include 400 remediated wells and facilities by the end of 2024. In 2022 alone, the company expects to reclaim over 200 wells.

In conjunction with its Land Reclamation Program, Saturn has been actively working-over and repairing inactive wells and has returned over 20 inactive wells back into production in 2021.

The company has completed the drilling of its first two wells at the Oxbow Asset in SE Saskatchewan and is moving the drill rig to a third location. The wells are expected to be put into production in the first week of December.

Saturn Oil & Gas is an energy company focused on the acquisition, exploration, evaluation, and production of resource properties in Canada.

With an unwavering commitment to building an ESG-focused culture, Saturn’s goal is to increase reserves, production, and cash flows at an attractive return on invested capital.

Shares in Saturn Oil & Gas Inc. (SOIL) are up 2.22 per cent, trading at $3.68 per share as of 9:30 am EST.

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