DENVER & PERTH, Australia--(BUSINESS WIRE)--
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
TOTAL COMPANY PRODUCTION
Samson net production for 2014 is as follows:
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JAN
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FEB
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MARCH
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APRIL
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MAY
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JUNE
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JULY
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OIL, BO
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5,767
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12,180
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11,154
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15,775
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16,654
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17,943
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17,310
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GAS, MCF
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16,323
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17,016
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13,067
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11,345
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10,720
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17,911
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17,820
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BOE
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8,487
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15,016
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13,332
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17,666
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18,440
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20,928
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20,280
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BOEPD
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273
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536
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430
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589
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595
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698
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654
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NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
The infill development plan for North Stockyard is to drill 8 middle
Bakken wells and 8 Three Forks wells. For ease of reference, the current
status of each well is set out below with separate tables for each drill
pad:
TOFTE 1 PAD
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Lateral length
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Objective
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Status
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IP rate BOPD
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Avg. Rate BOPD#
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Cum to Date BO
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Billabong
2-13-14HBK
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6,147 ft.
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Bakken
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Work Over Completed
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NA
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NA
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NA
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Sail and Anchor 4-13-14HBK
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6,375 ft.
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Bakken
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Flowing
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1,323
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205
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56,233
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Blackdog
3-13-14 HBK
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8,383 ft.
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Bakken
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Flowing
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1,995
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555
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105,997
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TOFTE 2 PAD
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Lateral length
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Objective
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Status
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IP rate BOPD
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Avg. Rate BOPD#
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Cum to Date BO
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Tooheys
4-15-14HBK
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6,740 ft.
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Bakken
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Shut in for Bootleg 4&5 completions
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1,078
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SI
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58,452
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Coopers
2-15-14HBK
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6,360 ft.
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Bakken
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Shut in for Bootleg 4&5 completions
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556
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SI
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47,064
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Little Creature
3-15-14HBK
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7,578 ft.
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Bakken
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Shut in for Bootleg 4&5 completions
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501
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SI
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72,284
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MATILDA BAY PAD
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Lateral length
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Objective
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Status
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IP rate BOPD
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Avg. Rate BOPD#
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Cum to Date BO
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Matilda Bay
2-15-HBK
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4,215 ft.
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Bakken
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Shut in for facility issues
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1117
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SI
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21,868
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Matilda Bay
1-15-HBK
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4,215 ft.
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Bakken
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Liner under repair
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318
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0
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1,100
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TF NORTH PAD
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Lateral length
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Objective
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Status
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IP rate BOPD
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Avg. Rate BOPD#
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Cum to Date BO
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Bootleg
4-14-15TFH
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7,211 ft.
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Three Forks
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Pre – frac preparations
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NA
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NA
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NA
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Bootleg
5-14-15TFH
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7,495 ft.
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Three Forks
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Frac underway
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NA
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NA
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NA
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Ironbank
4-14-13TFH
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7,466 ft.
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Three Forks
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APD approved
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NA
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NA
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NA
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Ironbank
5-14-13TFH
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7,495 ft.
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Three Forks
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APD approved
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NA
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NA
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NA
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TF SOUTH PAD
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Lateral length
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Objective
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Status
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IP rate BOPD
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Avg. Rate BOPD#
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Cum to Date BO
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Bootleg
6-14-15TFH
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6,867 ft.
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Three Forks
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Drilling completed
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NA
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NA
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NA
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Bootleg
7-14-15TFH
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6,973 ft.
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Three Forks
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Drilling completed
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NA
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NA
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NA
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Ironbank
6-14-13TFH
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7,434 ft.
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Three Forks
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APD approved
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NA
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NA
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NA
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Ironbank
7-14-13TFH
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7,458 ft.
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Three Forks
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APD approved
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NA
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NA
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NA
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#The Avg. Daily rate is an average of the last week’s production or the
average after the well was put back into production.
BO: Barrels of
oil
BOE: Barrels of oil equivalent (gas converted at its heating
value)
BOPD: Barrels of oil per day
MCF: Thousand cubic feet
BOEPD:
Barrels of oil equivalent per day
NA: Not available
APD: Application for Permit to Drill
IP
Rate: Gross first 24 hour oil rate
Current rate BOPD: Barrels of
Oil per Day
Cum to Date: Cumulative gross BO
COMMENTARY
Bootleg 6-14-15TFH lateral was drilled to a total depth of 18,410 feet
in the Three Forks. A 4-1/2” production liner was run and cemented.
Frontier Rig 24 was released Aug 10th.
Frontier Rig 24 has skidded to Bootleg 8-14-15TF2H. This well is
programmed to be a test of the 2nd bench of the Three Forks,
and was added to the schedule following a recently obtained spacing
order from the NDIC. The lateral will be drilled in a westerly direction
as were the previous Bootleg wells. Present operation is setting the
conductor in preparation for drilling.
Slawson has permitted two new horizontal wells in the second bench of
the Three Forks Formation in the North Stockyard project. Slawson’s
development plan for the Three Forks Formation is to drill:
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8 wells in the first bench of the Three Forks of which four have been
drilled
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6 wells in the second bench of the Three Forks, which Bootleg 8 is the
first
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8 wells in the third bench of the Three Forks
This will make a total of 22 wells in the Three Forks Formation and 36
development wells in the North Stockyard project. This will extend the
drilling program by two years. At the end of this project the total well
count in the North Stockyard Project will be:
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6 vintage Middle Bakken
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8 recent Middle Bakken
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22 Three Forks
Bootleg 5-14-15TFH frac commencing today, the Bootleg 4-14-15TFH frac
will follow.
A rig is on site repairing the liner on the Matilda Bay 1. Following
this work-over, the fracture stimulation program will begin.
The Matilda Bay 2 well is currently shut-in due to the load line on the
production tanks being damaged. The load line is currently under repair.
Samson’s working interest and its net revenue interest for the North
Stockyard Project is set out in the following table:
Well
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Working interest
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Net revenue Interest
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Billabong 2-13-14HBK
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28.77220%
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22.01073%
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Sail and Anchor 4-13-14HBK
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25.028509%
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19.146809%
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Blackdog 3-13-14H
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24.863526%
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19.020597%
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Tooheys 4-15-14HBK
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28.232033%
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21.597505%
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Coopers 2-15-14HBK
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28.232033%
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21.597505%
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Little Creature 3-15-14H
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27.759719%
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21.236185%
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Matilda Bay 2-15-H
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32.972255%
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25.223775%
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Matilda Bay 1-15-H
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32.972255%
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25.223775%
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Bootleg 4-14-15TFH
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28.386344%
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21.715553%
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Bootleg 5-14-15TFH
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28.386344%
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21.715553%
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Ironbank 4-14-13TFH
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26.746521%
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20.461089%
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Ironbank 7-14-13TFH
|
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26.746521%
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20.461089%
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Bootleg 6-14-15TFH*
|
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28.386344%
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21.715553%
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Bootleg 7-14-15TFH*
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28.386344%
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21.715553%
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Ironbank 6-14-13TFH*
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26.746521%
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20.461089%
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Ironbank 7-14-13TFH*
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26.746521%
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20.461089%
|
* Wells have yet to be elected by Samson and therefore are
subject to change.
HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMING
Bluff 1-11 (SSN 25%)
Samson held a JV partner meeting last week to discuss Samson’s intent to
drill out the previously set cement plug and test the Permian Hartville
9500’ sand target zone. The majority of the partnership has verbally
agreed to do the operation. Samson is currently looking into securing a
drilling rig for this operation.
RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Gladys 1-20H (SSN 23%)
The Gladys 1-20 H well has been drilled by Continental Resources to a
total depth of 19,994 feet. The well is a 1,280 acre lateral
(approximately 10,000 feet) in the middle member of the Bakken Formation.
The 4-1/2 inch liner has been run with 39 packers and set at 19,828 feet
and fracture stimulation operations are anticipated to commence during
the last week of August or the first week of September.
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 2,837 million ordinary shares issued and
outstanding (including 230 million options exercisable at AUD 3.8
cents), which would be the equivalent of 141.85 million ADSs.
Accordingly, based on the NYSE MKT closing price of US$0.40 per ADS on
Aug 11th, 2014, the Company has a current market capitalization of
approximately US$59.30 million (the options have been valued at an
exchange rate of 0.9280). Correspondingly, based on the ASX closing
price of A$0.021 for ordinary shares and a closing price of A$0.012 for
the 2017 options, on Aug 4th, 2014, the Company has a current market
capitalization of approximately A$62.33 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
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.