Samson Oil & Gas Operational Update
September 29 2014 - 8:30PM
Business Wire
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH
DAKOTA
TF NORTH PAD
Lateral length
Objective
Status
IP rate BOPD
Avg. Rate BOPD#
Cum to Date BO
Bootleg 4-14-15TFH
7,211 ft.
Three Forks 1
Flowing NA
533 11,783
Bootleg 5-14-15TFH
7,495 ft.
Three Forks 1
Flowing NA
555 9,720
Ironbank 4-14-13TFH
7,466 ft.
Three Forks 1
Drilling complete
NA NA
NA
#The Avg. Daily rate is an average of the last week’s
production or the average after the well was put back into
production. BO: Barrels of oil BOE: Barrels of oil equivalent (gas
converted at its heating value) BOPD: Barrels of oil per day MCF:
Thousand cubic feet BOEPD: Barrels of oil equivalent per day NA:
Not available APD: Application for Permit to Drill IP Rate: Gross
first 24 hour oil rate Current rate BOPD: Barrels of Oil per Day
Cum to Date: Cumulative gross BO
COMMENTARY
The Ironbank 4-14-13TFH has completed drilling the lateral and
has set and cemented the production liner in the Three Forks
Formation bench 1. Rig time on this well totaled 20.75 days which
compares favorably with the prior 5 TF1 wells which averaged 21.75
days spud to rig release. The Frontier 24 rig is currently being
skidded to the Ironbank 5-14-13H location.
The Bootleg 4 and 5 wells continue to flow at rates exceeding
500 BOPD.
FRACTURE STIMULATION PROGRAM
Four north Stockyard wells are scheduled to be fracked in the
near term beginning with Bootleg 7 which is expected to commence
tomorrow and will be followed by the balance of the wells that are
complete in the western half of the field as set out in the
following table:
Well Frack Date
Zone Stages Bootleg 7
September 30th TF1
30 Bootleg 6 October 5th
TF1 30 Bootleg 8
October 14th TF2
30 Billabong October 19th
MB 35
RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Gladys 1-20H (SSN 23%)
The Gladys 1-20H well has been drilled by Continental Resources
to a total depth of 19,994 feet. The well is a 1,280 acre lateral
(approximately 10,000 feet) in the middle member of the Bakken
Formation.
Lateral length
Objective
Status
IP rate BOPD
Avg. Rate BOPD#
Cum to Date BO
Gladys 1-20H
9,558 ft.
Middle Bakken
Flowing 550
439 8,840
As expected the water cut from this well is decreasing and has
shown a trend that started in the 80% range and is now around
60%.
HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING
Bluff 1-11 (SSN 25%)
Samson has contracted True Drilling Rig #26, which is expected
to be mobilized to the Bluff 1-11 well on or around October 9th.
The forward plan for this well will be to drill out a temporary
plug and set a liner across the Permian 9,500 sand which will then
enable a flow test to be undertaken. This test is aimed at
establishing a flow rate and enable a detailed gas analysis to be
undertaken. The test will also include a shut-in period which can
be used to establish whether a gas-oil contact exist below the
current intersection.
Samson’s Ordinary Shares are traded on the Australian Securities
Exchange under the symbol "SSN". Samson's American Depository
Shares (ADSs) are traded on the New York Stock Exchange MKT under
the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares
of Samson. Samson has a total of 2,837 million ordinary shares
issued and outstanding (including 230 million options exercisable
at AUD 3.8 cents), which would be the equivalent of 141.85 million
ADSs. Accordingly, based on the NYSE MKT closing price of US$0.32
per ADS on Sept 29th, 2014, the Company has a current market
capitalization of approximately US$46.99 million (the options have
been valued at an exchange rate of 0.8693). Correspondingly, based
on the ASX closing price of A$0.190 for ordinary shares and a
closing price of A$0.008 for the 2017 options, on Sept 29th, 2014,
the Company has a current market capitalization of approximately
A$55.74 million.
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Statements made in this press release that are not historical
facts may be forward-looking statements, including but not limited
to statements using words like “may,” “believe,” “expect,”
“anticipate,” “should” or “will.” Actual results may differ
materially from those projected in any forward-looking statement.
There are a number of important factors that could cause actual
results to differ materially from those anticipated or estimated by
any forward-looking information, including uncertainties inherent
in estimating the methods, timing and results of exploration
activities. A description of the risks and uncertainties that are
generally attendant to Samson and its industry, as well as other
factors that could affect Samson’s financial results, are included
in the prospectus and prospectus supplement for its recent Rights
Offering as well as the Company's report to the U.S. Securities and
Exchange Commission on Form 10-K, which are available at
www.sec.gov/edgar/searchedgar/webusers.htm.
Samson Oil & Gas LimitedTerry Barr, CEO, 303-296-3994
(US office)970-389-5047 (US cell)