DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
TOTAL COMPANY PRODUCTION
Samson net production for 2014 is as follows:
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:
|TOFTE 1 PAD||Lateral length||Objective||Status||IP rate BOPD||Avg. Rate BOPD#||Cum to Date BO|
|6,147 ft.||Bakken||Work Over Completed||NA||NA||NA|
Sail and Anchor
|TOFTE 2 PAD||Lateral length||Objective||Status||IP rate BOPD||Avg. Rate BOPD#||Cum to Date BO|
|6,740 ft.||Bakken||Shut in for Bootleg 4&5 completions||1,078||SI||58,452|
|6,360 ft.||Bakken||Shut in for Bootleg 4&5 completions||556||SI||47,064|
|7,578 ft.||Bakken||Shut in for Bootleg 4&5 completions||501||SI||72,284|
|MATILDA BAY PAD||Lateral length||Objective||Status||IP rate BOPD||Avg. Rate BOPD#||Cum to Date BO|
|4,215 ft.||Bakken||Shut in for facility issues||1117||SI||21,868|
|4,215 ft.||Bakken||Liner under repair||318||0||1,100|
|TF NORTH PAD||Lateral length||Objective||Status||IP rate BOPD||Avg. Rate BOPD#||Cum to Date BO|
|7,211 ft.||Three Forks||Pre – frac preparations||NA||NA||NA|
|7,495 ft.||Three Forks||Frac underway||NA||NA||NA|
|7,466 ft.||Three Forks||APD approved||NA||NA||NA|
|7,495 ft.||Three Forks||APD approved||NA||NA||NA|
|TF SOUTH PAD||Lateral length||Objective||Status||IP rate BOPD||Avg. Rate BOPD#||Cum to Date BO|
|6,867 ft.||Three Forks||Drilling completed||NA||NA||NA|
|6,973 ft.||Three Forks||Drilling completed||NA||NA||NA|
|7,434 ft.||Three Forks||APD approved||NA||NA||NA|
|7,458 ft.||Three Forks||APD approved||NA||NA||NA|
#The Avg. Daily rate is an average of the last week’s production or the
average after the well was put back into production.
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
Bootleg 6-14-15TFH lateral was drilled to a total depth of 18,410 feet in the Three Forks. A 4-1/2” production liner was run and cemented. Frontier Rig 24 was released Aug 10th.
Frontier Rig 24 has skidded to Bootleg 8-14-15TF2H. This well is programmed to be a test of the 2nd bench of the Three Forks, and was added to the schedule following a recently obtained spacing order from the NDIC. The lateral will be drilled in a westerly direction as were the previous Bootleg wells. Present operation is setting the conductor in preparation for drilling.
Slawson has permitted two new horizontal wells in the second bench of the Three Forks Formation in the North Stockyard project. Slawson’s development plan for the Three Forks Formation is to drill:
- 8 wells in the first bench of the Three Forks of which four have been drilled
- 6 wells in the second bench of the Three Forks, which Bootleg 8 is the first
- 8 wells in the third bench of the Three Forks
This will make a total of 22 wells in the Three Forks Formation and 36 development wells in the North Stockyard project. This will extend the drilling program by two years. At the end of this project the total well count in the North Stockyard Project will be:
- 6 vintage Middle Bakken
- 8 recent Middle Bakken
- 22 Three Forks
Bootleg 5-14-15TFH frac commencing today, the Bootleg 4-14-15TFH frac will follow.
A rig is on site repairing the liner on the Matilda Bay 1. Following this work-over, the fracture stimulation program will begin.
The Matilda Bay 2 well is currently shut-in due to the load line on the production tanks being damaged. The load line is currently under repair.
Samson’s working interest and its net revenue interest for the North Stockyard Project is set out in the following table:
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.
HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING
Bluff 1-11 (SSN 25%)
Samson held a JV partner meeting last week to discuss Samson’s intent to drill out the previously set cement plug and test the Permian Hartville 9500’ sand target zone. The majority of the partnership has verbally agreed to do the operation. Samson is currently looking into securing a drilling rig for this operation.
RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Gladys 1-20H (SSN 23%)
The Gladys 1-20 H well has been drilled by Continental Resources to a total depth of 19,994 feet. The well is a 1,280 acre lateral (approximately 10,000 feet) in the middle member of the Bakken Formation.
The 4-1/2 inch liner has been run with 39 packers and set at 19,828 feet and fracture stimulation operations are anticipated to commence during the last week of August or the first week of September.
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$0.40 per ADS on Aug 11th, 2014, the Company has a current market capitalization of approximately US$59.30 million (the options have been valued at an exchange rate of 0.9280). Correspondingly, based on the ASX closing price of A$0.021 for ordinary shares and a closing price of A$0.012 for the 2017 options, on Aug 4th, 2014, the Company has a current market capitalization of approximately A$62.33 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.