Samson Oil & Gas Limited (ASX: SSN)(NYSE AMEX: SSN) provides an
operational advisory and advice on the status of the Roosevelt sale.
ROOSEVELT PROJECT, ROOSEVELT COUNTY, MONTANA
As previously advised, on June 21, 3013, Samson entered into a binding
agreement to sell its interest in the Roosevelt project in Montana. The
agreement required the sale to close on or before July 31st.
While the Buyer did not advise Samson of any title or environmental
problems during or after the due diligence period, the Buyer did not
proceed to close the transaction as scheduled and has requested an
extension of time until August 15, 2013. Samson has not agreed to extend
the deadline for closing pending receipt of additional information from
the Buyer. Absent such an extension, Samson may deliver a termination
notice to the Buyer at any time after today, which was the earliest date
that such a notice could be delivered under the terms of the agreement
If the currently proposed sale does not close, Samson will examine its
options with respect to this acreage, including but not limited to sale
of the property to another buyer or development of the conventional
potential of the acreage.
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Billabong 2-13-14HBK well
The Billabong well reached a total depth of 17,613 feet on Wednesday
afternoon. The lateral remained in the 18 foot target within the middle
Bakken zone for its entire length and recorded oil and gas shows that
are customary for a well drilled in the Bakken with a water based brine
system. Samson could not report the oil and gas shows on the previously
drilled Sail & Anchor 4-13-14HBK well because that lateral was drilled
with an oil based mud which masked hydrocarbon shows. The gas shows in
the Billabong well were measured as high as 4000 units and abundant
brown oil staining was observed in the cutting samples. The well was
drilled in a total of 14.9 days from the bottom of the surface casing
shoe to total depth, some 2 days ahead of the time curve established
from the offset Earl well.
The forward plan is to run and cement the 4½ inch production liner,
after which both the Sail & Anchor and Billabong wells will be fracture
stimulated contemporaneously.
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 2,326 million ordinary shares issued and
outstanding (including 97,307,525 million options exercisable at AUD 3.8
cents), which would be the equivalent of 116 million ADSs. Accordingly,
based on the NYSE MKT closing price of US$0.87 per ADS on August 1st,
2013 the Company has a current market capitalization of approximately
US$101.96 million (the options have been valued at an exchange rate of
0.8969). Correspondingly, based on the ASX closing price of A$0.043 for
ordinary shares and an closing price of A$0.012 for the 2017 options, on
August 1st, 2013, the Company has a current market capitalization of
approximately A$101.18 million.
For and on behalf of the board of
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
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.
Copyright Business Wire 2013