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Stock Market & Financial Investment News

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.
News For SSN From The Last 14 Days
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November 24, 2014
20:02 EDTSSNSamson Oil & Gas provides operational update
The Bluff 1-11 well was perforated within the 9,500 sand over the interval 7,738 to 7,754 feet, and the well unloaded the completion brine almost immediately and flowed non inflammable gas at a rate of 8 MMcfpd. The rate was relatively constant during the 41 hour flow period. The well flowed on a 20 or 21/64ths inch choke at a tubing pressure of between 2,500 and 2,600 psig that increased during the flow period. No formation water was evident. Gas samples were taken and are in the process of being analyzed. The well is currently shut in for approximately 10 days whilst the pressure response is measured. The gas flow was not able to be ignited, and based on our previous samples was most likely largely nitrogen as determined from the analysis of the wire line logs. The data being collected in the near term includes the shut in pressure data, and the sample analysis. This process is expected to take three weeks after which we will have a clearer view as to the possible commercial benefit of this discovery.

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