Samson Oil & Gas Advisory
October 12 2015 - 8:00PM
Business Wire
Samson Oil & Gas Limited (ASX:SSN; NYSE MKT:SSN):
TOTAL COMPANY PRODUCTION
Samson Oil and Gas Limited’s (“Samson” or the “Company”) net
monthly production, for the last six months, is as follows;
April May June
July August Sept OIL, BO
29,821 31,385 27,089 21,417
20,659 18,921 GAS, MCF 19,064 18,309
19,808 26,286 32,288 32,541 BOE 32,998
34,437 30,391 25,798 26,040
24,344 BOEPD 1,064 1,111 1,013 832
840 785
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
COMMENTARY
Production from North Stockyard was maintained at around 2,200
barrels of oil per day (gross field production). All wells in the
field are on line with the exception of Billabong which requires a
complete clean out of the lateral; sand and plug parts from the
completion still remain in the lateral restricting oil flow.
Bootleg 4 and 5 are on a restricted flow due to state mandated gas
capture regulations and Bootleg 7 will be shut in for a short
period to switch out the pump.
HEDGE BOOKThe Company’s hedge portfolio is as
follows:
Calendar year Volume bbls. Floor Ceiling
2016 2,788 $85.00 $89.85
Calendar year Volume bbls Sub Floor
Floor Ceiling 2015 27,600 $45.00 $32.50
70.25 2016 36,600 $67.50 $82.50
- 2016 27,450 $40.00 $55.00 $80.00
As of October 9, 2015 the book value of the hedge was
approximately $550,000 as valued by Samson’s counterparty.
SPIRIT OF AMERICA US34 #1-29
The SOA US34 #1-29 well is currently waiting on a swabbing unit
to remove a full column of fluid out of the wellbore to allow the
well to flow freely. The location received substantial rainfall
over the last two weeks and once the location is dry, the swabbing
unit will move in to swab the wellbore. After the swabbing is
completed, a plunger lift system will then be used to continuously
lift fluid from the wellbore.
BADGER #1
Samson has been notified by the operator of the Badger #1 well
that the Capstar Rig 311 spudded the well on October 9th. Surface
casing has been set and cemented to a depth of 885 feet. The
present operation is drilling ahead at a depth of 1,663 feet. The
Badger #1 well is located in Section 29 of Township 157N, Range 81W
in Ward County, North Dakota. Samson has a 25% working interest in
the well, which will target the Wayne zone of the Mississippian
Mission Canyon Formation at an expected depth of 4,800 feet. The
prospect is a 4-way structural closure that has the potential for
up to 6 development wells if successful..
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 200 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
14.185 million ADSs. Accordingly, based on the NYSE MKT closing
price of US$0.82 per ADS on October 12th, 2015, the Company has a
current market capitalization of approximately US$11.8 million (the
options have been valued at an exchange rate of 0.7332).
Correspondingly, based on the ASX closing price of A$0.005 for
ordinary shares and a closing price of A$0.001 for the 2017
options, on October 12th, 2015, the Company has a current market
capitalization of approximately A$14.4 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20151012006168/en/
Samson Oil & Gas LimitedCEOTerry Barr, 303-296-3994 (US
office)