Denver 1700 hours Nov 10th, 2014, Perth 0700 hours Nov 11th,
2014
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
TOTAL COMPANY PRODUCTIONSamson net production for 2014 is
as follows:
Q1 Q2
Q3 October OIL, BO
29,408 50,553 35,576
6,016 GAS, MCF 48,518 50,928
46,710 12,086 BOE 37,494
59,041 43,361 8,030 BOEPD
416 656 481 260
The North Stockyard field largely remained shut in for October
to protect the well bores from offset fracks, however production
from the field is progressively being returned in the western half
of the field where the frack program has been completed. A work
over rig is in the field and is currently working on the Tofte 2
Pad and has completed the clean out of the Coopers well bore. The
rig is currently on the Tooheys well and Little Creature is
scheduled to be cleaned out be next.
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTAThe
infill development plan for North Stockyard consists of 8 middle
Bakken wells that have been drilled and 22 Three Forks wells. The
Three Forks wells consist of 8 First Bench Three Forks wells, 6
Second Bench Three Forks wells, and 8 Third Bench Three Forks
wells. For ease of reference, the current status of each well is
set out below with separate tables for each drill pad:
TOFTE 1 PAD
Laterallength
Objective Status
IP rateBOPD
Avg. RateBOPD#
Cum toDate BO
Billabong
2-13-14HBK
6,147 ft. Bakken Frack scheduled for middle of
November NA NA NA Sail and Anchor 4-13-14HBK
6,375 ft. Bakken Shut in for frack program
1,323 SI 54,978 Blackdog
3-13-14 HBK
8,383 ft. Bakken Shut in for frack program
1,995 SI 109,878
TOFTE 2 PAD
Laterallength
Objective Status
IP rateBOPD
Avg. RateBOPD#
Cum toDate BO
Tooheys
4-15-14HBK
6,740 ft. Bakken Clean out underway
1,078 SI 58,452 Coopers
2-15-14HBK
6,360 ft. Bakken Clean out complete 556
SI 47,081 Little Creature
3-15-14HBK
7,578 ft. Bakken Shut in for clean out
501 SI 72,284
MATILDA
BAY PAD
Laterallength
Objective Status
IP rateBOPD
Avg. RateBOPD#
Cum toDate BO
Matilda Bay
2-15-HBK
4,215 ft. Bakken Shut in for clean out
1,117 SI 25,281 Matilda Bay
1-15-HBK
4,215 ft. Bakken Shut in 318 206
1,717
TF NORTH PAD
Laterallength
Objective Status
IP rateBOPD
Avg. RateBOPD#
Cum toDate BO
Bootleg
4-14-15TFH
7,211 ft. Three Forks 1 Shut in for
Frack program
NA 516 17,026 Bootleg
5-14-15TFH
7,495 ft. Three Forks 1 Shut in for
Frack program
NA 191 11,893 Ironbank
4-14-13TFH
7,466 ft. Three Forks 1 Frack
Scheduled November 11th
NA NA NA Ironbank
5-14-13TFH
7,495 ft. Three Forks 1 Frack
Scheduled November 16th
NA NA NA
TF SOUTH
PAD
Laterallength
Objective Status
IP rateBOPD
Avg. RateBOPD#
Cum toDate BO
Bootleg
6-14-15TFH
6,867 ft. Three Forks 1 Frack completed
NA NA NA Bootleg
7-14-15TFH
6,973 ft. Three Forks 1 Frack completed
NA NA NA Bootleg
8-14-15TFH
6,771 ft. Three Forks 2 Shut in for
Frack program
922 NA 922 Ironbank
6-14-13TFH
7,434 ft. Three Forks 1 Surface casing set
NA NA NA Ironbank
7-14-13TFH
7,458 ft. Three Forks 1 Running casing at
11,846 ft 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 oilBOE: Barrels of oil equivalent (gas converted at its
heating value)BOPD: Barrels of oil per dayMCF: Thousand cubic
feetBOEPD: Barrels of oil equivalent per day
NA: Not availableAPD: Application for Permit to DrillIP Rate:
Gross first 24 hour oil rateCurrent rate BOPD: Barrels of Oil per
DayCum to Date: Cumulative gross BO
Bootleg 6, 7 and 8 have been fracked.
The Billabong 2-13-14HBK is currently scheduled to be fracked in
November. It is expected that the frack will be a 35 stage
frack.
Frontier Rig 24 is currently on the TF South pad drilling
Ironbank 6 & 7 upper Three Forks and will be released following
the completion of these two wells
Samson’s working interest and its net revenue interest for the
North Stockyard Project is set out in the following table:
Well Working interest Net revenue
Interest Billabong 2-13-14HBK 28.77220% 22.01073%
Sail and Anchor 4-13-14HBK 25.028509% 19.146809%
Blackdog 3-13-14H 24.863526% 19.020597% Tooheys
4-15-14HBK 28.232033% 21.597505% Coopers 2-15-14HBK
28.232033% 21.597505% Little Creature 3-15-14H
27.759719% 21.236185% Matilda Bay 2-15-H 32.972255%
25.223775% Matilda Bay 1-15-H 32.972255%
25.223775% Bootleg 4-14-15TFH 28.386344% 21.715553%
Bootleg 5-14-15TFH 28.386344% 21.715553% Ironbank
4-14-13TFH 26.746521% 20.461089% Ironbank 7-14-13TFH
26.746521% 20.461089% Bootleg 6-14-15TFH
28.386344% 21.715553% Bootleg 7-14-15TFH 28.386330%
21.715553% Bootleg 8-14-15H 28.386330%
21.715553% Ironbank 6-14-13TFH 26.746521% 20.461089%
Ironbank 7-14-13TFH 26.746521% 20.461089%
RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTAGladys
1-20H (SSN 23%)
The Gladys 1-20 H 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.
Laterallength
Objective Status
IP rateBOPD
Avg. RateBOPD#
Cum toDate BO
Gladys 1-20H 9,558 ft. Middle Bakken flowing
717 372 21,594
HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMINGBLUFF 1-11
(SSN 25%)
True Drilling Rig #26 has successfully drilled out the cement
plug in the Bluff #1-11 well and set a 5” liner across the Permian
Hartville 9500’ sand. The liner was subsequently cemented in place.
A cement bond log was run in the well to determine the quality of
cement bonding behind the 5” liner that was previously run into the
hole. Samson can now proceed with the completion of the Permian
Hartville 9500’ sand.
It is anticipated that the workover rig will arrive on site
later this week and subsequently the well will be perforated and
flow tested after tubing is run in the hole with the workover rig.
This test is aimed at establishing a flow rate and will also enable
a detailed gas analysis to be undertaken. The test may also include
a shut-in period which can be used to establish whether a gas-oil
contact exists below the intersection of the Permian Hartville
9500’ sand.
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$0.28
per ADS on November 10th, 2014, the Company has a current market
capitalization of approximately US$41.3 million (the options have
been valued at an exchange rate of 0.8671). Correspondingly, based
on the ASX closing price of A$0.018 for ordinary shares and a
closing price of A$0.008 for the 2017 options, on November 10th,
2014, the Company has a current market capitalization of
approximately A$50.1 million.
SAMSON OIL & GAS LIMITED
TERRY BARRManaging 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)