Mississauga, ON -- (SBWIRE) -- 07/03/2014 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article titled “Saturn Minerals Leading Exploration for Next Major Oil Play in Williston Basin.”
Companies mentioned in this article include Continental Resources (NYSE:CLR), Saturn Minerals Inc. (TSX-Venture:SMI), Husky Energy (TSX:HSE) and Tourmaline Oil Corp. (TSX:TOU).
The oil and gas industry in North America is soaring, with areas that were as quiet as a church mouse only a few years ago now thriving with property values and employment surging, thanks largely to the boom in shale plays. The Williston Basin, which canvases about 25,000 square miles across North Dakota, South Dakota and Montana in the U.S. and Saskatchewan and Manitoba in Canada, is known as one of the most prolific oil and gas regions in North America, with oil production dating back to 1951. Exactly how much oil and gas (as well as coal) are in the Williston Basin is a moving dynamic as discoveries across several layers of rock are uncovered, but experts generally agree that about 24 billion barrels of oil reserves are recoverable and 20 billion tonnes of coal are mineable. Continental Resources (NYSE:CLR), the largest producer in the play, thinks the oil figure should be much higher, estimating that the Bakken formation alone in the Williston Basin holds 24 billion barrels of oil reserves. The estimates could continue to grow as things unfold in coming years, such as the Three Forks formation that was previously thought out of reach with current drilling technologies now known to be accessible and more porous than the Bakken, meaning it could contain even more oil and gas than the Bakken.
Since 2006, more than 72 million barrels of oil have been produced from the Williston Basin. The growth potential in the Williston is staggering, considering that in 2012 there were only about 8,000 active wells in the basin, compared to more than 82,000 active wells in the also prolific Permian Basin in Texas.
With these facts, acreage commands a premium in the Williston and will likely continue to rise going forward, lending increasing valuations to junior explorers, such as Saturn Minerals Inc. (TSX-Venture:SMI). Saturn is one of the largest landholders in the northern Williston Basin with more than 376,000 acres of land under title spanning 16 townships. The company’s two largest blocks for oil and gas exploration, Bannock Creek (120,000 acres) and Little Swan (250,000 acres), are in southeastern Saskatchewan, where weather allows for year-round exploration, which is being conducted under a “Special Exploration Permit” from the Saskatchewan government. Saturn has complete oil rights in every zone, from surface to basement, for its expansive portfolio of property with a permit life of eight years.
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