Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
TOTAL COMPANY PRODUCTION
Samson’s net monthly production for the last five months is as
follows;
October November
December January February
OIL, BO 6,591 17,619 18,906 15,221
22,590 GAS, MCF 11,861 9,363 12,102
15,384 21,694 BOE 8,567 19,180
20,923 17,785 26,206 BOEPD 285 618
675 574 845
February production was significantly higher due to a number of
North Stockyard being returned to production. All of the infill
development wells drilled in North Stockyard during 2014 are now in
a position to be produced, however given the low oil price, 6 of
the wells will remain shut in pending the recovery of the oil
price.
HEDGE BOOK
Samson has the following hedges in place:
Calendar year
Volume bbls. Floor Ceiling 2015 15,000
$85.00 $89.85 2016 2,788 $85.00
$89.85 Calendar
year Volume bbls. Average per month Swap 2015
33,478 3,316 $92.27
Calendar year Volume bbls
Sub Floor Floor 2016 36,600 67.50 82.50
As at March 13th, 2015 the book value of the hedge was $2.2
million as valued by Samson’s counterparty.
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH
DAKOTA
The infill development plan for North Stockyard consists of 8
middle Bakken wells that have been drilled and 22 Three Forks wells
of which 9 have been drilled (8 in the First Bench and 1 in the
Second Bench). Given the curtailment of the infill development
program, there will remain an undrilled balance of 13 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
Lateral length
Objective Status IP rate
BOPD Avg. Rate BOPD# Cum to Date BO
Billabong2-13-14HBK
6,147 ft. Bakken On production 1,249
495 12,934
Sail and Anchor4-13-14HBK
6,375 ft. Bakken On production 1,323
255 58,517
Blackdog3-13-14 HBK
8,383 ft. Bakken On production 1,995
248 115,979
Lateral length Objective
Status IP rate BOPD Avg. Rate
BOPD# Cum to Date BO
Tooheys4-15-14HBK
6,740 ft. Bakken On production 1,078
260 99,502
Coopers2-15-14HBK
6,360 ft. Bakken On production 556
291 71,668
Little Creature3-15-14HBK
7,578 ft. Bakken On production 501
105 72,503
MATILDA BAY PAD
Lateral length Objective Status
IP rate BOPD Avg. Rate BOPD#
Cum to Date BO
Matilda Bay2-15-HBK
4,215 ft. Bakken On production 1,117
60 36,998
Matilda Bay1-15-HBK
4,215 ft. Bakken On production 318
96 20,926
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 On production
471 128 71,770 Bootleg
5-14-15TFH
7,495 ft. Three Forks 1 On production
NA 148 57,831 Ironbank
4-14-13TFH
7,466 ft. Three Forks 1 Rig on location
715 NA 6,636 Ironbank
5-14-13TFH
7,495 ft. Three Forks 1 Rig on location
528 NA 30,732
TF SOUTH PAD
Lateral length Objective Status
IP rate BOPD Avg. Rate BOPD#
Cum to Date BO Bootleg
6-14-15TFH
6,867 ft. Three Forks 1 Shut in NA
NA NA Bootleg
7-14-15TFH
6,973 ft. Three Forks 1 Shut in NA
NA NA Bootleg
8-14-15TFH
6,771 ft. Three Forks 2 Shut in 922
NA 922 Ironbank
6-14-13TFH
7,434 ft. Three Forks 1 Shut in NA
NA NA Ironbank
7-14-13TFH
7,458 ft. Three Forks 1 On production
642 311 6,105
COMMENTARY
All wells in the North Stockyard field are currently being
produced at lower than maximum capacity due to pipeline constraints
and the weak oil price.
All of the 17 drilled in fill wells in North Stockyard have now
been fracked and cleaned out and are capable of producing however 6
are currently shut in, waiting on an improvement in the oil
price.
#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
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 DAKOTA
Gladys 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.
Lateral length
Objective Status IP rate
BOPD Avg. Rate BOPD# Cum to Date BO
Gladys 1-20H 9,558 ft. Middle Bakken On
production 717 350 63,158
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
DSs. Accordingly, based on the NYSE MKT closing price of US$0.24
per ADS on March 16th, 2015, the Company has a current market
capitalization of approximately US$27.87 million (the options have
been valued at an exchange rate of 0.7642). Correspondingly, based
on the ASX closing price of A$0.013 for ordinary shares and a
closing price of A$0.002 for the 2017 options, on March 16th, 2015,
the Company has a current market capitalization of approximately
A$37.3 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)