SSN - Samson Oil & Gas

[prgudula]

http://www.samsonoilandgas.com/irm/Company/ShowPage.aspx?CPID=1248&EID=42496220

SAMSON OIL & GAS ANNOUNCES AGREEMENT TO SELL GAS ASSETS
Denver 1700 hours 24 March, 2011, Perth 0700 hours, 25 March, 2011
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that it has agreed to sell its gas assets in the Jonah and Lookout Wash Fields in the greater Green River Basin, Wyoming for $6.3 million to a group of private buyers. The transaction is currently expected to close on or before March 30th, 2011. When closed, the sale will have an effective date of January 1, 2011.

....

 

[Slipperz]

http://www.samsonoilandgas.com/irm/Company/ShowPage.aspx?CPID=1248&EID=42496220

SAMSON OIL & GAS ANNOUNCES AGREEMENT TO SELL GAS ASSETS
Denver 1700 hours 24 March, 2011, Perth 0700 hours, 25 March, 2011
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that it has agreed to sell its gas assets in the Jonah and Lookout Wash Fields in the greater Green River Basin, Wyoming for $6.3 million to a group of private buyers. The transaction is currently expected to close on or before March 30th, 2011. When closed, the sale will have an effective date of January 1, 2011.

....

I'm pretty happy with this. The money will help pay off about 65% of our outstanding debt to Macquarie in May and the tax credit will help the bottom line as well.

The next quarterly will be interesting. The price of oil should compensate for production declines from the Bakken. Probably some cash from Haliburton for the seismic and maybe some royaties from Chesapeake and now another 6 million in the kitty.

Hopefully we will get a full months production from Rodney at peak output @$105.00 a barrel as well.

And the rigs for the test wells will be rumbling into Goshen County soon.......

drill Sampson drill!!!!

:badsmile:

 

[yarrabah]

I post something from 2005 that paints the journey and the focus.

The joint venture's Niobrara formation is a fractured chalk reservoir, in which more than 10 million recoverable barrels of oil have been recovered less than 50km south in the Silo Field.

"There is a strong correlation between the resistivity of the Niobrara Formation and where the rock is fractured and oil saturated," Barr said.

"As a consequence, two areas of anomalously high resistivity readings form existing well bores within the Hawk Springs project have been established where it is likely that analogies to the Silo Field can be established."

The exploration program will consist of two vertical wells in the areas of elevated resistivity to penetrate the Niobrara, Codell and the Muddy Sandstones, Samson said.

Meanwhile, the Cordell formation was identified as a potential gas prospect, following the Wattenberg field's recovery of 320 billion cubic feet of gas and 30 million barrels of oil.

"Similar geologic circumstances are present within the south western part of the project area, where an isolated thick sequence of Codell Sandstone has been mapped using existing well control and therefore has the potential to generate a trap," Barr said.

"While vintage exploration wells have penetrated this sequence and returned significant oil and gas shows, no commercial flows were established.

"However…early drilling and completion of the Wattenberg Field in the Codell was not successful and it was only in the very late 1990s that fracture stimulation technology enabled this rock to be exploited commercially."

Cordell contains a potential 95 to 140 million barrels of oil equivalent, according to Samson.

 

[skivvy]

Some good news coming from Terry Barr and his team regarding the initial flow rates on Rodney and the fraccing of Earl due to start on Monday the 4th. I was quite happy with the announcements and suprised the sp has not responded, but in a choppy market I guess the news was not outstanding enough to force the price up, not yet anyway. Happy to hold and looking forward to further updates on the flow rates. If the sp dips further then I will happily pick up some more shares. GLTA holders

 

[Slipperz]

A good consolidation week. It has been a great run up on no drilling news this quarter.

Time for some results to boost the cashflow as the POO continues north.

I see the bloodhounds @ HC have found FOUR drilling applications for Goshen County plus our last spud in the Bakken impending means one thing.

It's drilling season!

 

[prgudula]

Fracture stimulation operations on Earl 1 13H
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that fracture stimulation operations on the Earl #1-13H started on Saturday, April 2nd. Pumping operations are currently expected to be completed by April 7th and flow back operations will commence shortly thereafter. While there have been some weather induced delays, as of Monday 0600 hours April 4th, Stages 1 to 4 had been pumped, and Stage 5 was about to be pumped.

http://www.samsonoilandgas.com/irm/Company/ShowPage.aspx?CPID=1254&EID=15544935

 

[AngusSmart]

Ssn got a mention on Pure speculation yesterday also. with some price targets from hartleys which i am sure your all aware of..

http://www.theaustralian.com.au/bus...n-bakken-barrels/story-e6frg9ex-1226032927816

 

[Slipperz]

Nice to see a kick up in the SP today. back into the 20's Looking forward to the IP's from Rodney and Earl.

If Rodney was flowing 1320 BOPD last week with 15 frac plugs in place one would expect some pretty decent numbers here when the workover rig is done.

Could even be a 3500-4000 BOPD monster!!
:22_yikes::dance::22_yikes:

 

[sw3]

Hello all,

I've read some comments regarding HC on here. What's the general thoughts / consensus about HC here?

Looking forward to hearing some results for SSN this coming week. It's been over 12 months I've held these now, very happy with the growth thus far.

Cheerio,
sw3

 

[Slipperz]

Hello all,

I've read some comments regarding HC on here. What's the general thoughts / consensus about HC here?

Looking forward to hearing some results for SSN this coming week. It's been over 12 months I've held these now, very happy with the growth thus far.

Cheerio,
sw3

IMHO HC has a few good posters that are dedicated to their stocks but you have to have the bull**** detector set to extreme and wade through a lot of useless crap/ outright fabrications/banter/pointless arguments.

Anyways this stock is going to the moon going to be $2.50 minimum by christmas.

I'd post market depth now but there will be another 5 million in the buy side Monday morning because CHK wells are pumping a thousand barrels a day on our ORRI land because an anonymous poster on yahoo said so...LOL.

 

[youngone]

Anyways this stock is going to the moon going to be $2.50 minimum by christmas.
.

$2.50 by christmas? Thats great news lol

 

[BrightGreenGlow]

He is being sarcastic youngone.... HC is too hard to navigate anyways so I wouldn't even bother going there.

 

[BrightGreenGlow]

"
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that fracture stimulation
operations on the Earl #1-13H have been completed with all 20 stages pumped. The stimulation
placed 2.1 million pounds of proppant. Flow back operations are due to commence in 24 hours
after the flow back equipment is moved from the Rodney location."

Announcement today.

 

[DB008]

He is being sarcastic youngone.... HC is too hard to navigate anyways so I wouldn't even bother going there.

+1,000,000

I have been to HC a grand total of 2 times, 6 months apart. Navigation is very weird. ASF for me!!!!

 

[Slipperz]

"
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that fracture stimulation
operations on the Earl #1-13H have been completed with all 20 stages pumped. The stimulation
placed 2.1 million pounds of proppant. Flow back operations are due to commence in 24 hours
after the flow back equipment is moved from the Rodney location."

Announcement today.

Didn't exactly set the market on fire today did it? :

Some good flow rates might put and end to all the selling we are seeing atm. Maybe a few nervous nellies not keen to risk the Goshen county drill taking some off the table.

Personally I feel well weighted with SSN and excited to be onboard at this pivotal stage of the companys development.

BRING IT!

 

[BrightGreenGlow]

When are they drilling and when will we get the results you think for Goshen?

 

[Slipperz]

When are they drilling and when will we get the results you think for Goshen?

Actually Everett 2-14 was supposed to spud in the Bakken on March 28th so that must be delayed.

Having said that I wouldn't set my watch to anyones drilling schedule!

According to the ann of Jan 27th when the JV with Haliburton was announced ...and I quote "
As previously reported, the North Platte 3-D seismic data is being processed and the first-pass
processing products have been delivered and the conventional plays are being mapped. The data
quality is excellent and therefore the fracture identification processing is expected to be definitive.
These more sophisticated processing products will be delivered in the coming weeks. It is
Samson’s intention however to commence the drilling campaign at the end of the first quarter,
however this timing is subject to permitting, drilling equipment availability, and the interpretation of
the processed data."

So we have a fair bit of news coming in the next few weeks with flow rates and spuds and then more results from the drills so I find the sell off a little strange given the recent surge of buying on practically no news.

With HAL providing our drill and frac in Goshen County it could be very rapidly brought to completion, I guess they are waiting on the rigs from elsewhere in the US as the Bakken and Niobrara are flat out!

*Edit* As an afterthought reading that ann the first two exploratory wells in Goshen County might be verticals as they are mapping conventional plays. Would be logical to drill the cheap verticals first into any conventional pools before they start drilling laterals.

 

[Slipperz]

Interesting article with some figures from the Niobrara...

http://seekingalpha.com/article/263148-samson-oil-other-gas-players-paying-top-dollar-for-presence-in-d-j-basin?source=email_watchlist

Highlight ''Chesapeake has six wells drilled and two wells fracced in the D-J Basin. Of the two D-J Basin wells producing, Chesapeake had an average IP of 967 Boe/d. Chesapeake has the highest estimated ultimate recovery of 1,250,000 bbls''

If these wells are on the land we sold to CHK next door it certainly augurs well ... both for our drilling campaign and the ORRI of 3.8% on the CHK wells.

 

[Slipperz]

A few thoughts on the latest quarterly. Disappointing production numbers really. Disruptions to Gene 1-22 and production declines combined with two unfracced wells sitting idle all damn quarter paints a sad picture of revenue decline.

Only the sale of the gas assets has put us in the black. Going forward after we pay off the 9.5 million to Macquarie in May we will be saving nearly a quarter million on interest which will almost offset our gas revenues we no longer will be receiving., but of course less moulah in the bank.

The timelines for the exploratory wells in Hawksprings and the other wells are going backwards so we will be relying on Rodney and Earl to bring home the serious bacon this quarter I guess. If the POO stays strong and the flow rates are good we could give 3 million a nudge ?

Expenses are up for next quarter to 3.347mm hopefully to be offset from some cash for the 3D from HAL and some royalties from CHK other wise we will be another ten million or so down by June. Still 60 million is a fair pile of cash and the drill bits should be turning at a rate by June 30th.

Share price is likely to spike a bit this week I would think on news from Rodney and Earl and then we might be in for a bit of a consolidation phase for a couple of months until Hawksprings results are announced to market.

All IMHO of course and DYOR

 

[Youtry]

Hi Slipperz,

Have been unable to post for a while due to some personal reasons, but the quarterly was really a reminder of how much the Bakken Wells can decline. Even with Gene producing all quarter I reckon we would have only done about 14,000BOO. Really not suprised by the production at all considering it has been 6 months between wells.

Therefore it is important to keep adding to production. I agree generally with your other points basically if Rodney & Earl get finalised pretty soon and do the first quarter numbers of Gene and Gary which were around 40,000BOO each then at average of 30% to SSN then they could do in excess of 20,000BOO from these 2 wells this quarter added with the other decling production and if oil remains high then $3m in turnover could be a possibility. Exchange rates also play a part. They also have Everrit to follow. There is still talk of Diamondback and State refrac in the quarterly to be drilled prior to June. But as we have seen before these can be further delayed and have been mentioned for quite a while. Also as seen with Gene there can also be unforseen production down time.

So still plenty happening in the ST and these will be good for ST cashflow but the LT price targets being mentioned by SSN will all come down to the Niobrara results IMO and this is clearly outlined in their latest presentations.

At current prices IMO SSN would be expensive on a mkt cap basis to revenue and reserves relying solely on the Bakken without a successful Niobrara. Expectation has been set by the company and now it will need to deliver, not long to go hopefully before we all find out. As always do your own research and I wait to see what the next few months will bring. Hopefully you can bring out the dancing bannas once again, but nothing is for certain in O&G.