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.
Samson Oil & Gas Commences Four Well Drilling Program
DENVER & PERTH, Australia--(BUSINESS WIRE)-- Samson Oil & Gas Limited (ASX:SSN.ax - News)(NYSE AMEX: SSN) advises that the Evergreen Rig 22 has been released from its previous well and is being mobilised to the Defender US33 #2-29H location, and will then be deployed at three additional Samson drilling locations. The initial trucks arrived today and the rig up at Defender US33 #2-29H has commenced, and it is expected that the rig will be ready for its final inspection such that drilling operations should begin late Thursday or Friday this week.
Source: Business Wire
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