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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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December 16, 2014
05:05 EDTSSNSamson Oil & Gas reports Nov. production 639 BOEPD
The North Stockyard field saw an increase in production for November as wells were returned to production. We are expecting that the field will be largely ďon streamĒ in January 2015 as the infill development comes to a close. In-field operations has necessitated, for safety and operational reasons, existing wells to be shut in whilst this activity was undertaken. With the completion of Ironbank 6 expected later this week, Frontier 24 will be laid down and no further drilling in the field is contemplated in light of the recent slide in the oil price. We are however anticipating that the existing inventory of 3 wells will be fracked, and the 5 wells that have been fracked will require a clean out. This means that 8 wells will be brought on line in the near term.

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