REASONS THIS STOCK COULD SOAR WHEN OIL PRICES SPIKE 50 - 100%

  • The company was founded by a former Exxon Mobil president responsible for 300,000 barrels of production a day (BOPD).
  • Management has invested over $1.5 MILLION in establishing the corporate structure, refining acquisition parameters and developing the current deal pipeline.
  • Current production averages 1133 barrels of oil per month (BOPM) representing 950,000 BO proved / probable reserves. This project is estimated to do 3400 BOPM after rework.
  • Proven and probable (2P) reserves associated with their Louisiana assets have a discounted present value (PV10) of $41,245,950 as of a March 1, 2011 reserve summary prepared by management, indicating attractive potential for growth.
  • Closed bridge financing for $150,000 and went public in 2011.
  • Plans to acquire over 1,500 acres with over 59 shut-in wells and 30 producing wells with 40 BOPD of current production, which will do 200 BOPD with minimal rework representing 2.1 MILLION barrels of proven reserves. A preliminary agreement has already been secured.
  • Plans to acquire and develop $200 MILLION in proven reserves.

Monday, June 20, 2011

Samson Oil & Gas Provides Update on Operations in North Dakota

Samson Oil & Gas provides provides the following update on operations in North Dakota

North Stockyard Project

Everett #1-15H (31% working interest)
Samson Oil & Gas Limited advises that the Everett #1-15H well is today drilling ahead in the lateral at a measured depth of 13,107 feet. Previous operations saw the 7 inch casing cemented at a measured depth of 11,231 feet. This depth was 112 feet shorter than planned but should not compromise the well because this section will be cased when the 4 inch liner is installed.

The lateral is being drilled whilst observing characteristic oil and gas shows. The Everett #1-15H well is located in Williams County, North Dakota. The Everett #1-15H well is Samson's sixth Bakken well in the North Stockyard Field.

Earl #1-13H (32% working interest)
Significant progress has been made in recovering the parted tubing string which was being used to drill the isolation plugs in the Earl #1-13H well. The remaining tubing and drilling assembly consists of a 1,200 feet section and the top of this fish has been conditioned such that it should be able to be extracted in the next 24 hours.

The Earl #1-13H well is located in Township 154N, Range 99W, Section 13 in Williams County, North Dakota.


Source: Oil Voice

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