DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX: SSN) (NYSE MKT: SSN) advises on the following operations:
South Prairie Project (Samson 25% non-operated working interest)
The first well to be drilled in the South Prairie Project, the Matson #3-1 well (located in Ward County, ND), has been delayed due to heavy rainfall over the last few weeks. The drilling contractor, CanElson USA, was scheduled to mobilize the rig to the well site on June 10th but has now been delayed to June 20th. The Matson #3-1 well will be drilled to a total depth of 4,900 feet to test a 420 acre 4-way structural closure in the Glenburn zone of the Mississippian Mission Canyon Formation. The Glenburn zone has produced over 2.5 million barrels of oil just 2 miles to the northeast from a similar type of trap at South Glenburn Field.
North Stockyard (Samson operated North Tier – Working Interest 52%)
The Sail and Anchor 3-13-14 HBK (Horizontal Bakken) well, as reported last week, side-tracked at 13,400 feet which was successfully achieved. After the side tracking of the well, drilling operations proceeded after replacing the conventional steerable tools and the current measured depth is 17,350 feet (MD). Forward plan is to drill to a total depth is approximately 18,100 feet (MD) and then run the production liner.
About Samson Oil & Gas Limited
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 2,813 million ordinary shares issued and outstanding, which would be the equivalent of 141 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.45 per ADS on June 11th, 2013 the Company has a current market capitalization of approximately US$63.45 million. Correspondingly, based on the ASX closing price of A$0.022 on June 11th, 2013, the Company has a current market capitalization of approximately A$61.88 million.
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SAMSON OIL & GAS LIMITED |
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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 Samson’s recently concluded Rights Offering as well as in the Company's annual report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.
