DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
The infill development plan for North Stockyard is to drill 8 middle Bakken wells and 8 Three Forks wells. For ease of reference, the current status of each well is set out below with separate tables for each drill pad:
Week of April 21st
|TOFTE 1 PAD||Lateral length||Objective||Status||IP rate BOPD||Rate BOPD||Cum to Date BO|
|Billabong 2-13-14HBK||6,147 ft.||Bakken||Recovery of drill pipe planned for June 2014||NA||NA||NA|
|Sail and Anchor 4-13-14HBK||6,375 ft.||Bakken||Shut-in||1,323||NA||28,315|
|Blackdog 3-13-14||8,383 ft.||Bakken||Flowing||1,995||875||28,244|
|TOFTE 2 PAD||Lateral length||Objective||Status||IP rate BOPD||Rate BOPD||Cum to Date BO|
|Tooheys 4-15-14HBK||6,740 ft.||Bakken||Shut-in||1,078||NA||40,083|
|Coopers 2-15-14HBK||6,360 ft.||Bakken||Flowing||556||291||26,381|
|Little Creature 3-15-14H||7,578 ft.||Bakken||Shut-in||501||NA||40,858|
|MATILDA BAY PAD||Lateral length||Objective||Status||IP rate BOPD||Rate BOPD||Cum to Date BO|
|Matilda Bay 2-15-H||4,215 ft.||Bakken||Frac May 9th||NA||NA||NA|
|Matilda Bay 1-15-H||4,215 ft.||Bakken||Frac May 9th||NA||NA||NA|
|TF NORTH PAD||Lateral length||Objective||Status||IP rate BOPD||Rate BOPD||Cum to Date BO|
|Bootleg 4-14-15TFH||7,211 ft.||Three Forks||Drilling in progress||NA||NA||NA|
|Bootleg 5-14-15TFH||7,495 ft.||Three Forks||APD approved||NA||NA||NA|
|Ironbank 4-14-13TFH||7,466 ft.||Three Forks||APD approved||NA||NA||NA|
|Ironbank 5-14-13TFH||7,495 ft.||Three Forks||APD approved||NA||NA||NA|
|TF SOUTH PAD||Lateral length||Objective||Status||IP rate BOPD||Rate BOPD||Cum to Date BO|
|Bootleg 6-14-15TFH||6,867 ft.||Three Forks||APD approved||NA||NA||NA|
|Bootleg 7-14-15TFH||6,973 ft.||Three Forks||APD approved||NA||NA||NA|
|Ironbank 6-14-13TFH||7,434 ft.||Three Forks||APD in prep||NA||NA||NA|
|Ironbank 7-14-13TFH||7,458 ft.||Three Forks||APD in prep||NA||NA||NA|
TOTAL COMPANY PRODUCTION
Samson net production for 2014 is as follows:
|JANUARY 2014||FEBRUARY 2014||MARCH 2014|
|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|
Production is down on the Sail and Anchor well because it has been shut-in to allow a workover rig to clean out the well and install an electric submersible pump for artificial lift. Production has also been shut down on the Blackdog 3-13-14 well as of April 27th, which shares the Tofte 1 Pad, to permit this workover operation to proceed.
Production is also down on the Tooheys 4-15-14HBK and Little Creature 3-15-14H wells due to production facility issues. Production is likely to be down for a week until these operational problems are fixed.
The Bootleg 4-14-15TFH well has been drilled to surface casing depth of 2,418 feet. Casing will be run in the hole and then the rig will be skidded to commence drilling on the Bootleg 5-14-15TFH well.
Hydraulic fracture stimulation operations are planned to start on both Matilda Bay wells on May 9th.
Samson’s working interest and its net revenue interest is set out in the following table:
|Well||Working interest||Net revenue Interest|
|Sail and Anchor 4-13-14HBK||25.028509%||19.146809%|
|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%|
* Wells have yet to be elected by Samson and therefore are subject to change.
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 ADSs. Accordingly, based on the NYSE MKT closing price of US$0.36 per ADS on April 28th, 2014 the Company has a current market capitalization of approximately US$53.63 million (the options have been valued at an exchange rate of 0.9290). Correspondingly, based on the ASX closing price of A$0.019 for ordinary shares and a closing price of A$0.013 for the 2017 options, on April 28th, 2014, the Company has a current market capitalization of approximately A$56.66 million.
SAMSON OIL & GAS LIMITED
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.