DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) advises that the Defender US33 #2-29H well reached a total depth of 7,450 feet in the vertical pilot hole and is currently running an extensive combination of geophysical logging tools down the hole to analyze the rock and fluid properties of the various geologic formations. The geophysical logs have been used in conjunction with the conventional core that was retrieved from the Niobrara "A" and "B" zones to determine the rock stress field for planning the north south orientation azimuth of the horizontal lateral. The vertical pilot hole will subsequently be plugged back to a kick-off point above the Niobrara. From the kick-off point, the borehole angle will be built until it is horizontal and the bit is positioned within the Niobrara “B”. Then 7-inch intermediate casing will be set through the curve and the lateral will thereafter be drilled for a distance of approximately 4,300 feet within the Niobrara “B”. The well will be completed using a plug and perforation process in 15-stages that is expected to involve the placement of approximately 3,000,000 pounds of proppant into the Niobrara Formation. The Defender US33 #2-29H is the first Niobrara appraisal well in Samson’s Hawk Springs project.
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 AMEX under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 1,996 million ordinary shares issued and outstanding (including 247 million options exercisable at AUD 1.5 cents), which would be the equivalent of 99.8 million ADSs. Accordingly, based on the NYSE AMEX closing price of US$2.47 per ADS on September 2nd, 2011 the company has a current market capitalization of approximately US$243 million. Correspondingly, based on the ASX closing price of A$0.12 on September 2nd, 2011, the company has a current market capitalization of A$235 million. The options have been valued at their closing price of A$0.105 on September 2nd, 2011 and translated to US$ at the current exchange of 1.07 for the purposes of inclusion in the US$ market capitalization calculation.
For and on behalf of the board of
SAMSON OIL & GAS LIMITED
TERRY
BARR
Managing Director
Statements made in this 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 Company's report to the U.S. Securities and Exchange Commission on Form 20-F a copy of which is available at www.sec.gov/edgar/searchedgar/webusers.htm.