01/10/2014 19:45:10 Free Membership Login

Saturn Minerals Signs Letter Agreement with Vector Exploration Corp. for Saskatchewan Oil & Gas Properties

Date : 11/27/2012 @ 8:00PM
Source : Marketwired
Stock : Saturn Minerals Inc. (SMK)
Quote : 0.13  0.005 (4.00%) @ 5:29PM
Saturn Minerals Inc. share price Chart

Saturn Minerals Signs Letter Agreement with Vector Exploration Corp. for Saskatchewan Oil & Gas Properties

Saturn Minerals Inc. (XE:A0Q2CP)
Historical Stock Chart

2 Years : From Oct 2012 to Oct 2014

Click Here for more Saturn Minerals Inc. Charts.


Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) ("Saturn" or the "Company") is pleased to announce that it has entered into an agreement with Vector Exploration Corp. ("Vector") for exploration & development of the Company's Little Swan and Bannock Creek oil & gas properties (the "Properties") located in eastern Saskatchewan.

Vector Exploration Corp. is a private, Calgary-based oil & gas company owned and operated by Murray Swanson, CEO, Chris Barton, President & COO, and a team of oil & gas professionals (the "Vector Team") with expertise in exploration and production. Prior to founding Vector Exploration Corp., Mr. Swanson acted as President / CEO and Mr. Barton Manager of Geophysics of Reliable Energy Corp., an oil & gas exploration and production company which successfully identified and drilled over 70 wells in Manitoba and Southern Saskatchewan achieving 1,100 barrels per day in oil production (100% oil) before being sold to Crescent Point Energy Corp. (TSX: CPG) in March 2012 in a transaction valued at $99.1 million.

Murray Swanson is an Alberta-based oil & gas executive with over 30 years of experience in the oil & gas industry in western Canada. Along with international experience he has also worked for Shell and Chevron in western Canada. He has also founded, owned, operated and sold several Private E&P and Service companies.

Mr. Barton has a Bachelor of Science degree in Geology from the University of Calgary (1981) and over 30 years of experience across the entire Western Canadian Sedimentary Basin and Williston Basin. Beginning his career as a geologist at Unocal, he transitioned to the role of geophysicist and has since worked as a staff and consulting geophysicist at Conoco Canada, Pinnacle Resources, Groundswell Energy, and Burlington Resources Canada. In 2006, he was appointed to the role of Vice President of Exploration at Kereco Energy and, since 2008, has been the President of Shadow Energy providing geophysical consulting to a number of public and private oil and gas exploration companies.

As per the terms of the Letter Agreement between Saturn and Vector ("the Parties"), the Parties have agreed that:


1.  Upon signing of a definitive agreement between the Parties, Saturn will
    grant Vector a 5% carried interest in the Properties in consideration
    for services and expertise to be rendered to Saturn by Vector for
    exploration of the Properties beginning from the date of the definitive
    agreement to December 1, 2013. 
    
2.  On or before December 1, 2013, Saturn and Vector will evaluate
    exploration results of the Properties and mutually decide to pursue one
    of two options; 
    
    a.  Saturn will transfer the Properties entirely into Vector in
        consideration for a 90% equity interest in Vector. Vector's 5%
        carried interest will be converted into a 10% equity interest in
        Vector to be held by the Vector Team, provided that Vector pays to
        Saturn 5% of the exploration expenses incurred by Saturn on the
        Properties from December 1, 2012 to the date of the transfer. 
        
    b.  The Properties will remain entirely owned by Saturn and Vector's 5%
        carried interest in the Properties will convert to a 5% working
        interest. 

The terms of the Letter Agreement are subject to final review by Saturn's and Vector's legal counsel, the signing of a definitive agreement and the approval of the TSX Venture Exchange.

"We are very pleased to have finalized an agreement with the Vector Team," stated Stan Szary, President & CEO. "This structure anticipates success and will enable us to easily transition our oil & gas holdings into an operating entity with an established team of oil & gas professionals. I am convinced of the Vector Team's ability to build a tremendous value from early stage projects based on prior success, and they are an ideal partner for the Little Swan & Bannock Creek properties."

About Saturn Minerals Inc.

Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is a junior Canadian energy company advancing a portfolio of oil and coal properties in Saskatchewan and Manitoba. The Company owns 370,000 acres of exclusive oil & gas rights in Saskatchewan and is advancing a number of oil exploration projects. Saturn has also made three shallow bituminous coal discoveries since 2009 with coal seams ranging in continuous vertical thickness from 9 to 89 meters. Saturn has a strategic ownership in Inowending Exploration & Development Corp., a First Nations owned exploration and development company co-founded by Saturn with a consortium of Saskatchewan First Nations active in Canada's prairie provinces.

On Behalf of the Board of Directors

SATURN MINERALS INC.

Stan Szary, Chief Executive Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

Contacts: Saturn Minerals Inc. Stefan Szary +1 (604) 685-6989 www.saturnminerals.com



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 in 141001 19:45