Bayhorse Partner Saturn Minerals Identifies 480 Acre Closed Target at Bannock for First Exploration Well In Saskatchewan’s Oil Bearing Red River Foundation
FEBRUARY 12, 2015 – BHS2015-09
Bayhorse Silver Inc. (TSX.V: BHS) (FSE: 7KXN) (“Bayhorse” or the “Company”) reports that Saturn Minerals Inc has announced the interpretation of 3 recently acquired lines, the latest seismic data on the Bannock Creek property in eastern Saskatchewan, that now total 60 km. Saturn states it has incorporated the new seismic data with its existing geophysical model for the Bannock Creek project which is designed to identify and confirm closure for potential light oil traps in the stacked Red River, Winnipeg and Deadwood Formations of the Northeastern Williston Basin.
Bayhorse has entered into a Farm-In Agreement with Saturn on its 253,000 acre Little Swan project, which is in close proximity to Bannock Creek. GeoStrata Resources Inc. and Shadow Energy Inc. of Calgary are currently completing a third seismic program for interpretation on the Little Swan property.
Saturn’s states the new data has confirmed the anticlinal four way closure of a drillable prospect on the Bannock Creek property. The closed fault bounded roll over structure is 480 acres minimum in area and has the potential to contain up to 38 million barrels in place of resource from all three targeted reservoirs. The closure of this structure, which compares very favorably with existing producing light oil pools to the south of Bannock Creek and Little Swan. The validation of the exploration model has resulted in Saturn selecting this prospect as the Company’s first exploration well which will be drilled and completed conventionally to a depth of less than 1000 meters. Permitting and licensing for a well at this location is underway.
Graeme O’Neill, Bayhorse’ President & CEO, states that with the completion of this survey there is now a significant and growing body of seismic evidence supporting the prospects for conventional light oil discoveries at both Bannock Creek and Little Swan.
Saturn reports the potential structures identified on the Bannock Creek seismic data are up dipped closed fault bounded anticlinal traps affecting the Red River, Winnipeg and Deadwood Formations which are known to produce light oil throughout the Williston Basin. Saturn’s geophysical/geological model has been based on existing producing pools such as the fault bounded “Tyvan” Oil pool in T13 R13W2 (71 million barrels in place), the “Montmarte” Oil pool in T13R11W2 (26 million barrels in place) and the Chapleau Lake Oil pool in T14 R12W2 (26 million barrels in place), all of which produce from the Ordovician Red River (Yeoman) and Winnipeg Sand Formations. These underlying Formations within the Bannock Creek area, and by extension, Little Swan, along with the proprietary Saturn owned seismic data acquired to-date has resulted in an extremely strong exploration model for the presence of analogous closed structures.
Saturn states that the previously identified 1,920-acre Ordovician structure on the Bannock Creek property remains and requires additional data which is planned for later in 2015 to confirm closure. This target remains an exciting future target in Saturn’s inventory along with several other structures which have been mapped from the recent seismic.
Saturn’s President & CEO, Stan Szary, stated, “This is the third seismic program completed on the Bannock Creek project since 2012, and we’ve established a strong exploration target with these multiple fault bounded closures. The amount of faulting and trap structures that are shown within the known oil-producing reservoirs underlying the Bannock Creek area prove that conventional oil exploration is viable and exciting in this part of the Williston Basin.”