DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Blackdog 3-13-14H (SSN WI 25.03%)
The Blackdog well successfully set and cemented the 7 inch casing in the Middle Bakken at 11,691 feet measured depth, 11,341 feet true vertical depth. Currently the 6 inch lateral portion of the well is being drilled at a depth of 15,258 feet. The forward plan is to drill the Blackdog to a total depth of 19,987 feet.
This well will be a middle Bakken lateral and is the infill location between the Rodney 1-14H well (SSN WI 27.18%) and the Sail and Anchor 1-13-14HBK well (SSN WI 25.03%).
Coopers 2-15-14HBK (SSN WI 27.7%),
The 22 stage plug and perf stimulation treatment commenced on December 3rd as planned. Currently eleven stages of the frac have been completed as of December 9th. Operations have been delayed due to extremely cold weather and the subsequent effect on operations including frac line sand manifolds being frozen. After completion of the Coopers well, the forward plan is to fracture stimulate the Tooheys, which will be a 24 stage sliding sleeve configuration.
Tooheys 4-15-14HBK (SSN WI 27.7%),
Fracture stimulation was expected to commence on December 8th, following the Coopers frac. With the weather delays experienced in the Coopers stimulation this frac has been pushed back. The completion configuration is a 24 stage sliding sleeve.
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 2,547 million ordinary shares issued and outstanding (including 230 million options exercisable at AUD 3.8 cents), which would be the equivalent of 127.35 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.45 per ADS on December 9th, 2013 the Company has a current market capitalization of approximately US$59.83 million (the options have been valued at an exchange rate of 0.9105). Correspondingly, based on the ASX closing price of A$0.025 for ordinary shares and a closing price of A$0.012 for the 2017 options, on December 9th, 2013, the Company has a current market capitalization of approximately A$66.44 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 Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.
