Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Tooheys 2-15-14HBK well (SSN WI 27.7%)
Following the cementing of the 7 inch casing string, the lateral portion
of the Tooheys 2-15-14HBK well was drilled to a depth of 18,435 feet.
The lateral drilled thus far was maintained wholly within the target
zone in the middle Bakken Formation. Currently the well is being
prepared to run the production liner.
Billabong 2-13-14HBK well (SSN WI 24.86%)
Key Energy Services Rig 370 has continued workover operations on the
Billabong 2-13-14HBK well. The rig has successfully removed several
joints of the cemented drill pipe from the wellbore and will continue to
use the current method of a wash-over assembly to remove the remaining
drill pipe.
Sail and Anchor 1-13-14HBK well (SSN WI 25.03%)
The Sail and Anchor well came on production September 16th
following the initial post frac flowback. To ensure the hydraulic
fracture proppant pack remains in place as per the design, the well was
flowed choked back on a 24/64ths choke. Initial production averaged 637
bopd with cumulative oil production to the end of September of 7,013
bbls (11 days of production).
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$0.53 per ADS on
October 7th, 2013 the Company has a current market capitalization of
approximately US$70.08 million (the options have been valued at an
exchange rate of 0.9443). Correspondingly, based on the ASX closing
price of A$0.027 for ordinary shares and a closing price of A$0.012 for
the 2017 options, on October 7th, 2013, the Company has a current market
capitalization of approximately A$71.52 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.
Copyright Business Wire 2013