Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Tooheys 4-15-14HBK and Coopers 2-15-14HBK wells (SSN WI 27.76%)
The curve portion of the Tooheys 4-15-14HBK well was drilled and landed
in the top of the Middle Bakken Formation at a depth of 11,695 feet. The
rig is currently running 7 inch casing into the hole. Once the rig is
finished running the casing, the 7 inch will be cemented in place. The
rig will then skid over to drill the 8 ¾ inch intermediate portion of
the Coopers 2-15-14HBK well as a time saving measure, to capitalize on
operating efficiencies of rig skidding capabilities. The Coopers well
will be drilled to a total measured depth of 17,827 feet and
subsequently the rig will skid back to the Tooheys well to finish the
lateral portion of the well.
Sail and Anchor 1-13-14HBK well
Fracture stimulation of the Sail and Anchor well is currently
anticipated to commence September 5th.
ROOSEVELT PROJECT, ROOSEVELT COUNTY, MONTANA
As previously advised, Samson amended the Asset Purchase and Sale
Agreement which provided for the sale of the Company’s Roosevelt County
project for $13.533 million to allow the buyer to close by August 31st,
after the buyer provided evidence of the availability of funds to
complete the purchase. The buyer nevertheless failed to close by the
extended closing date. Accordingly, Samson has terminated the agreement
and is exploring other alternatives for the property.
As previously reported, Samson still expects to realize substantial
value from this contiguous 45,000 acre project (of which Samson owns
30,000 acres), through a joint development project, sale or other means.
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 2,490 million ordinary shares issued and
outstanding (including 97,307,525 million options exercisable at AUD 3.8
cents), which would be the equivalent of 124.5 million ADSs.
Accordingly, based on the NYSE MKT closing price of US$0.46 per ADS on
September 3rd, 2013 the Company has a current market capitalization of
approximately US$58.32 million (the options have been valued at an
exchange rate of 0.9033). Correspondingly, based on the ASX closing
price of A$0.024 for ordinary shares and an closing price of A$0.012 for
the 2017 options, on September 3rd, 2013, the Company has a current
market capitalization of approximately A$60.92 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 oil and gas
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