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News Breaks
May 1, 2014
05:01 EDTSSNSamson Oil & Gas to farm out 31.25% of working interest in Hawk Springs Project
Samson Oil & Gas announced that it has agreed to farm out a total of 31.25% of its working interest in its Hawk Springs Project to three other companies. Samson agreed to farm out 25% of its interest to one company effective April 28 and will be farming out another 6.25% to two other companies on substantially identical terms. These farm outs of Samsonís interest are intended to spread the financial risk of the exploratory phase for the Hawk Springs Project whilst retaining a significant post sell down equity. The collective farm out is in two stages. In the first stage, the farmees will fund a total of 41.67% of the Bluff #1-11 well through the tanks and will thereby earn a 31.26% working interest in that well and the remaining Bluff prospect acreage. Samson will retain 35.41% in the Bluff well while paying 25% of the drilling and completion cost of the well through the tanks. The farmees will then have the right to participate in the development wells in the Bluff prospect at their earned interest. In addition, they will also have the right to participate in a second prospect in the Hawk Springs Project by paying the same farm out percentages as in the Bluff well. If that occurs, the farmees will own their earned equity in the second prospect and, their earned equity times Samsonís interest in the balance of Samsonís Hawk Springs acreage. Samson has identified a suitable rig to drill the Bluff well which is in the process of being inspected. The rig will importantly include a top drive which is useful in drilling the Permian salt section. Samson is currently in commercial discussions with the rig owners to finalize the contract for a rig. Samson currently anticipates spudding the Bluff #1-11 well in June of this year.
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July 22, 2014
05:05 EDTSSNSamson Oil & Gas provides operational advisory
The 4-1/2 inch production liner has been set and cemented successfully in the Bootleg 7-14-15TFH well. Frontier Rig 24 is currently drilling the vertical portion of the wellbore at 8,549 feet on the Bootleg 6-14-15TFH. Once the Bootleg 6-14-15 TFH is drilled the rig will then be moved to the north pad and begin drilling the two Ironbank wells. A work over rig completed running the rod string on Matilda Bay 2, and the well is now flowing. The Matilda Bay 1 is currently undergoing a liner repair. Following this work over the fracture stimulation program will be completed. As previously advised further consideration is being given to testing a zone in the Bluff 1-11 wellbore in the primary target, the Permian Hartville Formation. The Gladys 1-20 H well is being drilled by Continental Resources. The well is a 1,280 acre lateral, approximately 10,000 feet, in the middle Bakken. The curve has been drilled and landed in the Middle Bakken, and 7 inch casing has been run and cemented and a depth of 10,436 feet. A work over rig was moved onto the well July 16th to re-establish production. Rods were parted at the top of the pump. Tubing was pulled to retrieve the pump. Tubing, rods, and a new pump were run back in hole, and the well was put on production July 18th. Since then, the well has flowed 317 bbls oil at a rate of 159 BOPD.
July 15, 2014
05:16 EDTSSNSamson Oil & Gas provides operational advisory
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