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On February 9, 2016, Saturn announced that they had discovered light oil at Bannock Creek. On March 29, 2016, Saturn announced that it successfully completed the Bannock Creek well as an oil discovery and planned to drill additional wells in the vicinity of the discovery well before the end of 2016.

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As a result of the New Pool Wildcat status on the well the completion/production information will be kept confidential for one year from rig release.

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However as per the Joint Operating Agreement between Jaguar and Saturn we will be provided information from this well prior to making a decision to participate in drilling any further wells regardless of the confidential status of 103-9-5 oil well. During the third quarter Saturn Minerals completed two financings to allow them to continue forward with drilling plans at Bannock Creek. Along with this capital raise they also changed their corporate name to Saturn Oil and Gas Inc. and named several new oil and gas executives to its company.

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All of this in preparation for continuing plans at Bannock Creek. Jaguar anticipates receiving notification from Saturn Oil and Gas in the fourth quarter 2016 to participate in potential follow up development wells