Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Blackdog 3-13-14H (SSN WI 25.03%)
The Blackdog well drilled to the kick off point at 10,768 feet,
continued to drill the curve, and landed in the Middle Bakken at 11,691
feet measured depth, 11,341 feet true vertical depth. 7” casing was then
run and cemented at this depth. Preparations are currently being made to
begin drilling the 6 inch lateral. The frac of this well is tentatively
scheduled for December 15th.
This well will be a middle Bakken lateral and is the infill location
between the Rodney 1-14H well (SSN WI 27.18%) and the Sail and Anchor
1-13-14HBK well (SSN WI 25.03%).
Coopers 2-15-14HBK (SSN WI 27.7%),
The 22 stage plug and perf stimulation treatment is expected to commence
on December 2nd. Over the weekend, the frac equipment was set
up on location and the sand was delivered to the site.
Tooheys 4-15-14HBK (SSN WI 27.7%),
A clean out trip was run to the liner top and a cement bond and caliper
log run. The 7 inch casing was pressure tested and a ball pumped to open
the first stage sleeve in preparation for the fracture stimulation
expected on to commence on December 8th, following the
Coopers frac. The completion configuration is a 24 stage sliding sleeve.
Little Creature 1-15-14HBK (SSN WI 27.7%)
A cement bond and caliper log has been run in this well and a 4 ½ inch
frac string run. The first frac stage has been perforated on tubing in
preparation for the stimulation. The completion configuration is a 35
stage cemented liner. Fracture stimulation is expected to commence
December 20th, following the Blackdog 3-13-14 frac.
FUTURE DEVELOPMENT
Following the drilling and completion of the Blackdog well, the northern
tier of the North Stockyard field will have 3 vintage wells and 6 new
infill development wells drilled in a north westerly orientation. The
further Middle Bakken Formation development of North Stockyard will
encompass the drilling of four additional corner wells, two originating
in the northeastern corner of Section 13 and two in the southwestern
corner of Section 15. Permits to drill the Rennerfelt 1-13H and the
Rennerfelt 2-13H have been received and these two wells are expected to
be drilled following Blackdog. Permits to drill the Matilda Bay 1-15H
and 2-15H are expected to be issued in a timely manner consistent with
the North Dakota Industrial Commission spacing order, which would allow
these wells to be drilled following the Rennerfelt wells.
The North Dakota Industrial Commission has also approved the development
of 8 wells in the first bench of the Three Forks Formation. These wells
are currently expected to be drilled in an east-west orientation from
two 4-well pads located in the middle of Section 14, where they will be
constructed as 7,300 foot laterals in the Three Forks.
Thus, following Blackdog, it is currently anticipated that an additional
12 wells will be available to be drilled in the North Stockyard Field,
comprised of 4 additional wells in the Middle Bakken Formation and 8
wells in the Three Forks Formation.
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$0.45 per ADS on
December 2nd, 2013 the Company has a current market
capitalization of approximately US$59.83 million (the options have been
valued at an exchange rate of 0.9151). Correspondingly, based on the ASX
closing price of A$0.024 for ordinary shares and a closing price of
A$0.012 for the 2017 options, on December 2nd, 2013, the
Company has a current market capitalization of approximately A$63.88
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