I think that is called the big dipper on the US last night -race to $4 drop to $3.27 nearly 10m shares (think a record for SSN on AMEX) traded, close at $3.43 and after hours trading close of $3.58 with nearly 175k shares traded (which is also large for after hours close trading - trading between $3.39 to $3.70) - any ideas on what will happen next or what is happening? Makes it interesting when you wake up in the morning, do not go for the coco pops first anymore but straight to the US trading action then the coco pops and ponder what is going on.
SSN - Samson Oil & Gas
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better trading day in the US last night with the stock back up approx 10% to $3.70 which puts our ASX sp at around 18c on a 20:1 ADS conversion. It looks like a bumpy ride up atm but I am still seeing plenty of upside potential and lots of reasons to hold tight to my parcel of shares. Waiting on the announcements regarding Rodney and Earl in the next three weeks and any news on Intrepid, Gleam or Enterprise.
Have a great weekend Samsonites..............and fellow forum fans............
Have a great weekend Samsonites..............and fellow forum fans............
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Huge night again on the Amex. Smashed through $4.00 on volume of 5.65 million.
ASX equivalent of 0.201155 cents at current cross rates on volume of 113 million LOL.
Might put a lil sell order in just to celebrate the 20 cent barrier in style this week :alcohol:
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LOL One would suspect the bananas are sharpening up their dance moves for a Monday appearance
LOL One would suspect the bananas are sharpening up their dance moves for a Monday appearance
You just gotta love those dancing bananas. Record weekly volume for SSN on the AMEX this week and news just around the corner. Going to be a good start to the week on Monday, congrats.:bananasmi
This recent Conference Call (Feb18th, 11) from EOG just gives me more confidence (but not too much in this game) as its always has been about Hawk Springs for SSN. A roll of the dice so to speak.
Bit long but a good read.
In the Niobrara, recent completion results has increased our comfort factor regarding the play. As you know, this play has received a ton of press lately, and EOG, although first mover in the oil play, has been reticent to contribute to the hype, because the Niobrara was more highly fractured than other shales, and we had questions about longer-term productivity.
Relative to the industry, we drilled more wells than any other operator in the oil play, and we have the most data of any operator. We have recently found a way to convert the play from one dependent on fractures to more of a matrix-dominated play. This increases our confidence that the Niobrara can be developed as a true resource play.
So far we've tested 80,000 of our 300,000 likely perspective net acreage and have drilled wells such as the Critter Creek 13-17H and Elsie 7-34H, which recently tested at 731 and 820 barrels of oil per day, respectively.
During 2011, we plan to drill 40 wells, and we'll evaluate the remainder of our 300,000 acres. It's still too early to provide a total reserve estimate, but I can say that we're more optimistic about the play side than we were six months ago.
...Our oil inventory is now so deep that we won't begin intensive development of the Wolfcamp, Leonard and Niobrara until the 2013 timeframe.
Q & A
Q. On the Niobrara comments around matrix permeability in the Hereford Ranch area, what permeability range are you seeing there? And just given the data the you've seen so far, do you expect the Niobrara to really have a core in the Niobrara Lite region?
A. What we can say about this is as Mark noted earlier that the early wells in the Niobrara are generally dominated by high permeability open fracture system. And this typically leads to very wide spacing patterns and low in place oil recoveries. So what we're doing, we're developing the completion concept, and this allows us to connect more the oil and the matrix philosophy as opposed to only the oil and the fractures. So the results are encouraging, but they're early. And if we're successful in changing this, connecting more oil in the matrix, we may be able to drill wells on certainly much tighter spacing than we thought before and certainly increase the recovery factor of the oil in play. So it's going to take some time to determine this, and the ultimate impact on the play will just reveal itself over time.
Q. Going back to the Niobrara, can you speak more specifically to what you did differently in terms of the completion that gave you more confidence in matrix flow? And how, if at all, those changes may be applicable to other emerging liquids plays in your portfolio there where you're facing similar questions over natural fractures versus matrix?
Mark Papa
Brian, again, for proprietary reasons, we really don't want to give a lot away relating to the Niobrara. There's probably 10 or 15 of our peer companies listening to this call that would like to hear what we've done in that manner, and we're not going to give it away. I would say, each of these resource play turns out to require a little different frac recipe, and the Niobrara has been maybe the most unique so far just because it's got such a high percentage of fractures. So whatever solution we come up with for the Niobrara, it's not obvious that, that's going to be immediately transferable to some of the other oil resource plays, because most of the others don't have a high degree of national fractures that we've seen in the Niobrara.
Q. Do you see any sort of issue with really downstream infrastructure in the U.S., which is really, really sticky, and the ability to kind of catch up with upstream production growth in the oil area which is more dynamic?
Mark Papa
The answer to your question, I believe, is that in multiple areas, on a macro view, we're going to see oil production, soon the existing oil transportation infrastructure. We clearly saw that in the Bakken play, and EOG put in a crude by rail to get our crude oil out of that North Dakota, which is kind of a depressed pricing area. And by the way, that project we put in is working like a charm, very profitable for us, and we've got a lot of requests to move other oil volumes on that line. The same thing is happening in the Eagle Ford in that the amount of oil that's generated is completely consuming the existing very limited compound infrastructure. And that will also happen in the Niobrara, if the Niobrara turns out to be a very, very large play. There's very little infrastructure there. So what I think is going to happen is you're going to see some significant differentials relative to some indices, whether it's LLS, whether it's Cushing, and you're going to see some companies who have proactive here, probably advantaged in their regional pricing, relative to some other companies in the play. I will say that there's a lot of talk right now on this LLS, Cushing big oil price differential, that if that differential persists, with time that we believe that our Eagle Ford oil is likely to get a price that is certainly better than Cushing, but not quite as good as LLS. Because most of our Eagle Ford oil by 2012 is going to end up in the Houston Ship Channel area. So that should be relatively advantage, certainly to Cushing. But short answer to your question is this infrastructure is a big deal.
Q. The second question has to do with the Niobrara. Do you think that there'll be -- like we're seeing in East Texas -- do you think there's going to be some really sweet spots in this play? And do you think you've pretty much identified where the sweet spots are on your acreage?
Mark Papa
Yes, all of these plays have sweet spots in them. We've learned from experiencing a vast amount of exposure that EOG has in all these resource plays. And we're still really working on that in determining that, and it's really early in the testing process of this new technique, but we're working on that. And I think there will be some sweet spots. And we'll just have to see how it plays out.
Bit long but a good read.
In the Niobrara, recent completion results has increased our comfort factor regarding the play. As you know, this play has received a ton of press lately, and EOG, although first mover in the oil play, has been reticent to contribute to the hype, because the Niobrara was more highly fractured than other shales, and we had questions about longer-term productivity.
Relative to the industry, we drilled more wells than any other operator in the oil play, and we have the most data of any operator. We have recently found a way to convert the play from one dependent on fractures to more of a matrix-dominated play. This increases our confidence that the Niobrara can be developed as a true resource play.
So far we've tested 80,000 of our 300,000 likely perspective net acreage and have drilled wells such as the Critter Creek 13-17H and Elsie 7-34H, which recently tested at 731 and 820 barrels of oil per day, respectively.
During 2011, we plan to drill 40 wells, and we'll evaluate the remainder of our 300,000 acres. It's still too early to provide a total reserve estimate, but I can say that we're more optimistic about the play side than we were six months ago.
...Our oil inventory is now so deep that we won't begin intensive development of the Wolfcamp, Leonard and Niobrara until the 2013 timeframe.
Q & A
Q. On the Niobrara comments around matrix permeability in the Hereford Ranch area, what permeability range are you seeing there? And just given the data the you've seen so far, do you expect the Niobrara to really have a core in the Niobrara Lite region?
A. What we can say about this is as Mark noted earlier that the early wells in the Niobrara are generally dominated by high permeability open fracture system. And this typically leads to very wide spacing patterns and low in place oil recoveries. So what we're doing, we're developing the completion concept, and this allows us to connect more the oil and the matrix philosophy as opposed to only the oil and the fractures. So the results are encouraging, but they're early. And if we're successful in changing this, connecting more oil in the matrix, we may be able to drill wells on certainly much tighter spacing than we thought before and certainly increase the recovery factor of the oil in play. So it's going to take some time to determine this, and the ultimate impact on the play will just reveal itself over time.
Q. Going back to the Niobrara, can you speak more specifically to what you did differently in terms of the completion that gave you more confidence in matrix flow? And how, if at all, those changes may be applicable to other emerging liquids plays in your portfolio there where you're facing similar questions over natural fractures versus matrix?
Mark Papa
Brian, again, for proprietary reasons, we really don't want to give a lot away relating to the Niobrara. There's probably 10 or 15 of our peer companies listening to this call that would like to hear what we've done in that manner, and we're not going to give it away. I would say, each of these resource play turns out to require a little different frac recipe, and the Niobrara has been maybe the most unique so far just because it's got such a high percentage of fractures. So whatever solution we come up with for the Niobrara, it's not obvious that, that's going to be immediately transferable to some of the other oil resource plays, because most of the others don't have a high degree of national fractures that we've seen in the Niobrara.
Q. Do you see any sort of issue with really downstream infrastructure in the U.S., which is really, really sticky, and the ability to kind of catch up with upstream production growth in the oil area which is more dynamic?
Mark Papa
The answer to your question, I believe, is that in multiple areas, on a macro view, we're going to see oil production, soon the existing oil transportation infrastructure. We clearly saw that in the Bakken play, and EOG put in a crude by rail to get our crude oil out of that North Dakota, which is kind of a depressed pricing area. And by the way, that project we put in is working like a charm, very profitable for us, and we've got a lot of requests to move other oil volumes on that line. The same thing is happening in the Eagle Ford in that the amount of oil that's generated is completely consuming the existing very limited compound infrastructure. And that will also happen in the Niobrara, if the Niobrara turns out to be a very, very large play. There's very little infrastructure there. So what I think is going to happen is you're going to see some significant differentials relative to some indices, whether it's LLS, whether it's Cushing, and you're going to see some companies who have proactive here, probably advantaged in their regional pricing, relative to some other companies in the play. I will say that there's a lot of talk right now on this LLS, Cushing big oil price differential, that if that differential persists, with time that we believe that our Eagle Ford oil is likely to get a price that is certainly better than Cushing, but not quite as good as LLS. Because most of our Eagle Ford oil by 2012 is going to end up in the Houston Ship Channel area. So that should be relatively advantage, certainly to Cushing. But short answer to your question is this infrastructure is a big deal.
Q. The second question has to do with the Niobrara. Do you think that there'll be -- like we're seeing in East Texas -- do you think there's going to be some really sweet spots in this play? And do you think you've pretty much identified where the sweet spots are on your acreage?
Mark Papa
Yes, all of these plays have sweet spots in them. We've learned from experiencing a vast amount of exposure that EOG has in all these resource plays. And we're still really working on that in determining that, and it's really early in the testing process of this new technique, but we're working on that. And I think there will be some sweet spots. And we'll just have to see how it plays out.
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Kerrrrrrrching!
:jump:
Wait ..... is it time for some dancing?
:bananasmi:bananasmi:bananasmi:bananasmi:bananasmi
:jump:
Wait ..... is it time for some dancing?
:bananasmi:bananasmi:bananasmi:bananasmi:bananasmi
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I am taking slot if notice of this stock... Where is it heading in terms of share price? Are there any valuations out there?
Love it Slipperz, I havent heard that song in ages and those bananas are rocking today!!
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Love it Slipperz, I havent heard that song in ages and those bananas are rocking today!!
Looks like the bananas are going to have a busy week. Up another 12% overnight on the Amex so far ($4.57 as I type). $4.63 close for a AUS 23 cent equivalent.
Definitely setting up us nicely for the new bakken results and the Niobrara drilling campaign but by the look of the price and volumes in the US someone has a fair idea what we are sitting on top of up in Goshen County.
CHK nearology or HAL seismic knowledge I'm guessing.
Either way it is going to be an interesting run up to the drilling campaign.
Kind of reminds me at the moment of another 1970's icon - Up Up and Away with TAA, now all we do is replace TAA with SSN
Slipperz someone has to know something you would have thought volume high and price moving up in large movements and even on selling back down they come in for more and this has been happening for a few weeks in the USA.
Slipperz someone has to know something you would have thought volume high and price moving up in large movements and even on selling back down they come in for more and this has been happening for a few weeks in the USA.
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Pretty savage sell off on the Amex. Down nearly a dollar. pre open doesn't look too bad ...yet but it's going to be a berocca day for the bananas
Pretty savage sell off on the Amex. Down nearly a dollar. pre open doesn't look too bad ...yet but it's going to be a berocca day for the bananas
It had to come. Rising so far on no news leaves the door open to shorting. I expect delays to march fracs, too much snow is holding everyone up. This could drop down to 12 -14 range in the coming week and IMO a good opportunity. (not investment advice just rantings from afar)
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SSN took a big drop .165 from .21
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Nice bounce back on Friday on a very red day. Getting plenty of coverage in the US now...http://seekingalpha.com/article/257757-getting-levered-to-the-niobrara-which-stocks-to-buy
Yarrabah, slight delay on Rodney was some slight bad news today and the good news was the spud date on the Everett (I think this is the Harsted well) being moved up from May to the end of March. Hopefully they can drill the Everett well in time for the fraccing crews to move from fraccing Earl and straight onto the Everett well in mid to late April. Looking forward to some good flow rates on Rodney in the next weeks and months leading into the next two wells.
As for day traders, they have been in and out of this stock quite a bit in the last few months, that is for sure. Even I have bought and sold some trading stock a few times as well and will continue to do so. Good luck to all holders.
i think this is a positive but you never know. well actually tb probably does given they have a 3d.
Denver Julesberg (DJ) Basin - Initial Well Results and Seismic Interpretation
Rex Energy has completed initial interpretation of its 3-D seismic shoot in the East Silo area in Laramie County, Wyoming. The company believes that the results show numerous areas with a high degree of natural fracturing coupled with faulting and salt edge deposition that can enhance productivity. The company believes that these areas may be characterized as "dual matrix porosity" areas that are capable of yielding higher eventual ultimare recoveries (EURs). Conversely, areas of minimal natural fracturing combined with closed or filled fractures that would potentially limit productivity are characterized as "matrix porosity only" contribution regimes. The company is presently interpreting the results of its 3-D seismic shoot in the West Silo area in Laramie County, Wyoming.
Rex Energy drilled its first step out Niobrara well, the Herrington 41-26H (in which the company has a 100% WI and 82.5% net revenue interest (NRI)), in Laramie County, Wyoming in the East Silo Field. The company drilled this well to a total measured depth of 11,950 feet with a lateral length of 4,706 feet and fracture stimulated the well with 15 stages. The well had an initial production (IP) rate of 202 BOEPD (173 BOPD and 175 MCFPD) on a submersible pump. Rex estimates the EUR from this well at 125 MBOE. The company's data indicates that this well is characterized as a "matrix porosity only" type well.
Rex Energy drilled its second Niobrara step out well, the BJB 34-14H (100% WI and 81.88% NRI to the company), in Laramie County as well. The company drilled the well to a total measured depth of 10,800 feet with a lateral length of 3,348 feet and fracture stimulated the well with 14 stages in early January 2011. The company's data also indicates that the BJB well was a "matrix porosity only" type well, and the well appears non-commercial.
Based on the results of the 3-D seismic interpretation, Rex has identified a number of high potential locations and has permitted two wells to drill in East Silo Field in the second quarter. The company believes that these wells have dual matrix porosity.
Rex Energy has secured a drilling rig and is currently drilling a commitment well, the Shapley 14-45H in Weld County, Colorado to hold approximately 5,200 net acres and to determine the potential of the Niobrara on its Colorado properties. Once this well is completed, the company expects to move the rig to the East Silo Field to drill the initial two wells that were the result of the seismic interpretation.
The first test well that Rex Energy drilled in the Niobrara, the Silo State 41-22H (75% WI and 59.2% NRI to the company), was a farm-in commitment well located within the boundaries of the Silo Field, also in Laramie County. The company drilled this well to a total measured depth of 11,700 feet with a lateral length of 3,560 feet and fracture stimulated the well with 13 stages. The well had an IP rate of 67 BOEPD (54 BOPD and 78 MCFPD) and is currently on rod pump and selling gas.
Denver Julesberg (DJ) Basin - Initial Well Results and Seismic Interpretation
Rex Energy has completed initial interpretation of its 3-D seismic shoot in the East Silo area in Laramie County, Wyoming. The company believes that the results show numerous areas with a high degree of natural fracturing coupled with faulting and salt edge deposition that can enhance productivity. The company believes that these areas may be characterized as "dual matrix porosity" areas that are capable of yielding higher eventual ultimare recoveries (EURs). Conversely, areas of minimal natural fracturing combined with closed or filled fractures that would potentially limit productivity are characterized as "matrix porosity only" contribution regimes. The company is presently interpreting the results of its 3-D seismic shoot in the West Silo area in Laramie County, Wyoming.
Rex Energy drilled its first step out Niobrara well, the Herrington 41-26H (in which the company has a 100% WI and 82.5% net revenue interest (NRI)), in Laramie County, Wyoming in the East Silo Field. The company drilled this well to a total measured depth of 11,950 feet with a lateral length of 4,706 feet and fracture stimulated the well with 15 stages. The well had an initial production (IP) rate of 202 BOEPD (173 BOPD and 175 MCFPD) on a submersible pump. Rex estimates the EUR from this well at 125 MBOE. The company's data indicates that this well is characterized as a "matrix porosity only" type well.
Rex Energy drilled its second Niobrara step out well, the BJB 34-14H (100% WI and 81.88% NRI to the company), in Laramie County as well. The company drilled the well to a total measured depth of 10,800 feet with a lateral length of 3,348 feet and fracture stimulated the well with 14 stages in early January 2011. The company's data also indicates that the BJB well was a "matrix porosity only" type well, and the well appears non-commercial.
Based on the results of the 3-D seismic interpretation, Rex has identified a number of high potential locations and has permitted two wells to drill in East Silo Field in the second quarter. The company believes that these wells have dual matrix porosity.
Rex Energy has secured a drilling rig and is currently drilling a commitment well, the Shapley 14-45H in Weld County, Colorado to hold approximately 5,200 net acres and to determine the potential of the Niobrara on its Colorado properties. Once this well is completed, the company expects to move the rig to the East Silo Field to drill the initial two wells that were the result of the seismic interpretation.
The first test well that Rex Energy drilled in the Niobrara, the Silo State 41-22H (75% WI and 59.2% NRI to the company), was a farm-in commitment well located within the boundaries of the Silo Field, also in Laramie County. The company drilled this well to a total measured depth of 11,700 feet with a lateral length of 3,560 feet and fracture stimulated the well with 13 stages. The well had an IP rate of 67 BOEPD (54 BOPD and 78 MCFPD) and is currently on rod pump and selling gas.
