Company Website:
http://www.samsonoilandgas.com.au
DENVER & PERTH, Australia -- (Business Wire)
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
The infill development plan for North Stockyard consists of 8 middle
Bakken wells that have been drilled and 22 Three Forks wells. The Three
Forks wells consist of 8 First Bench Three Forks wells, 6 Second Bench
Three Forks wells, and 8 Third Bench Three Forks wells. For ease of
reference, the current status of each well is set out below with
separate tables for each drill pad:
TOFTE 1 PAD |
| Lateral length |
| Objective |
|
| Status |
|
| IP rate BOPD |
| Avg. Rate BOPD# |
| Cum to Date BO |
Billabong
2-13-14HBK
|
|
6,147 ft.
|
|
Bakken
|
|
|
Work Over Completed
|
|
|
NA
|
|
NA
|
|
NA
|
Sail and Anchor 4-13-14HBK
|
|
6,375 ft.
|
|
Bakken
|
|
|
Shut in completion of Bootleg wells
|
|
|
1,323
|
|
SI
|
|
57,669
|
Blackdog
3-13-14 HBK
|
|
8,383 ft.
|
|
Bakken
|
|
|
Shut in completion of Bootleg wells
|
|
|
1,995
|
|
SI
|
|
109,878
|
|
| |
| |
|
| |
|
| |
| |
| |
| | | | | | | | | | | | | |
|
TOFTE 2 PAD |
| Lateral length |
| Objective |
|
| Status |
|
| IP rate BOPD |
| Avg. Rate BOPD# |
| Cum to Date BO |
Tooheys
4-15-14HBK
|
|
6,740 ft.
|
|
Bakken
|
|
|
Shut in for 2nd Bootleg pad completion
|
|
|
1,078
|
|
SI
|
|
58,452
|
Coopers
2-15-14HBK
|
|
6,360 ft.
|
|
Bakken
|
|
|
Shut in for 2nd Bootleg pad completion
|
|
|
556
|
|
SI
|
|
47,064
|
Little Creature
3-15-14HBK
|
|
7,578 ft.
|
|
Bakken
|
|
|
Shut in for 2nd Bootleg pad completion
|
|
|
501
|
|
SI
|
|
72,284
|
| | | | | | | | | | | | | |
|
| | | | | | | | | | | | | |
|
MATILDA BAY PAD |
| Lateral length |
| Objective |
|
| Status |
|
| IP rate BOPD |
| Avg. Rate BOPD# |
| Cum to Date BO |
Matilda Bay
2-15-HBK
|
|
4,215 ft.
|
|
Bakken
|
|
|
Shut in for 2nd Bootleg pad completion
|
|
|
1117
|
|
SI
|
|
21,868
|
Matilda Bay
1-15-HBK
|
|
4,215 ft.
|
|
Bakken
|
|
|
Shut in for 2nd Bootleg pad completion
|
|
|
318
|
|
SI
|
|
1,100
|
| | | | | | | | | | | | | |
|
| | | | | | | | | | | | | |
|
TF NORTH PAD |
| Lateral length |
| Objective |
|
| Status |
|
| IP rate BOPD |
| Avg. Rate BOPD# |
| Cum to Date BO |
Bootleg
4-14-15TFH
|
|
7,211 ft.
|
|
Three Forks 1
|
|
|
Flowing back
|
|
|
NA
|
|
NA
|
|
NA
|
Bootleg
5-14-15TFH
|
|
7,495 ft.
|
|
Three Forks 1
|
|
|
Flowing back
|
|
|
NA
|
|
NA
|
|
NA
|
Ironbank
4-14-13TFH
|
|
7,466 ft.
|
|
Three Forks 1
|
|
|
APD approved
|
|
|
NA
|
|
NA
|
|
NA
|
Ironbank
5-14-13TFH
|
|
7,495 ft.
|
|
Three Forks 1
|
|
|
APD approved
|
|
|
NA
|
|
NA
|
|
NA
|
| | | | | | | | | | | | | |
|
| | | | | | | | | | | | | |
|
TF SOUTH PAD |
| Lateral length |
| Objective |
|
| Status |
|
| IP rate BOPD |
| Avg. Rate BOPD# |
| Cum to Date BO |
Bootleg
6-14-15TFH
|
|
6,867 ft.
|
|
Three Forks 1
|
|
|
Drilling completed
|
|
|
NA
|
|
NA
|
|
NA
|
Bootleg
7-14-15TFH
|
|
6,973 ft.
|
|
Three Forks 1
|
|
|
Drilling completed
|
|
|
NA
|
|
NA
|
|
NA
|
Bootleg
8-14-15TFH
|
|
6,771 ft.
|
|
Three Forks 2
|
|
|
Drilling completed
|
|
|
NA
|
|
NA
|
|
NA
|
Ironbank
6-14-13TFH
|
|
7,434 ft.
|
|
Three Forks 1
|
|
|
APD approved
|
|
|
NA
|
|
NA
|
|
NA
|
Ironbank
7-14-13TFH
|
|
7,458 ft.
|
|
Three Forks 1
|
|
|
APD approved
|
|
|
NA
|
|
NA
|
|
NA
|
| | | | | | | | | | | | | |
|
#The Avg. Daily rate is an average of the last week’s production or the
average after the well was put back into production.
BO: Barrels of oil
BOE: Barrels of oil equivalent (gas converted at
its heating value)
BOPD: Barrels of oil per day
MCF: Thousand
cubic feet
BOEPD: Barrels of oil equivalent per day
NA: Not available
APD: Application for Permit to Drill
IP
Rate: Gross first 24 hour oil rate
Current rate BOPD: Barrels of
Oil per Day
Cum to Date: Cumulative gross BO
Both Sail and Anchor 4-13-14HBK and Blackdog 3-13-14H remain shut in
until the completion of the Bootleg 6/7/8 wells. Upon completion of the
Bootleg 6/7/8 wells, the Blackdog 3-13-14H lateral section will be
cleaned out.
Bootleg 8-14-15 TFH drilled the 6 inch lateral to 18,430 feet. The 4-1/2
inch production liner has been set and cemented at 18,268 feet. Frontier
24 will move to the North pad and drill the Ironbank wells 4 & 5 in the
Three Forks.
Bootleg 5-14-15TFH frack has been completed and 23 plugs (out of 34)
have been drilled out with a coiled tubing unit. The well was turned to
production as of Tuesday Sept 2nd.
Bootleg 4-14-15TFH frack has been completed and 14 plugs (out of 28)
have been drilled out with a coiled tubing unit. The coiled tubing unit
was rigged down in anticipation of Frontier Rig 24 arrival on location
to drill Ironbank 4 & 5 wells. The well was turned to production as of
Tuesday Sept 2nd.
The drill out of the remaining plugs on the Bootleg 4 & 5 wells will
take place with a work over rig after Frontier Rig 24 is released from
the pad.
Bootleg 6, 7, and 8 will be fracked following removal of Frontier Rig 24
from the south pad.
Samson’s working interest and its net revenue interest for the North
Stockyard Project is set out in the following table:
Well |
|
| Working interest |
|
| Net revenue Interest |
Billabong 2-13-14HBK
|
|
|
28.77220%
|
|
|
22.01073%
|
Sail and Anchor 4-13-14HBK
|
|
|
25.028509%
|
|
|
19.146809%
|
Blackdog 3-13-14H
|
|
|
24.863526%
|
|
|
19.020597%
|
Tooheys 4-15-14HBK
|
|
|
28.232033%
|
|
|
21.597505%
|
Coopers 2-15-14HBK
|
|
|
28.232033%
|
|
|
21.597505%
|
Little Creature 3-15-14H
|
|
|
27.759719%
|
|
|
21.236185%
|
Matilda Bay 2-15-H
|
|
|
32.972255%
|
|
|
25.223775%
|
Matilda Bay 1-15-H
|
|
|
32.972255%
|
|
|
25.223775%
|
Bootleg 4-14-15TFH
|
|
|
28.386344%
|
|
|
21.715553%
|
Bootleg 5-14-15TFH
|
|
|
28.386344%
|
|
|
21.715553%
|
Ironbank 4-14-13TFH
|
|
|
26.746521%
|
|
|
20.461089%
|
Ironbank 7-14-13TFH
|
|
|
26.746521%
|
|
|
20.461089%
|
Bootleg 6-14-15TFH*
|
|
|
28.386344%
|
|
|
21.715553%
|
Bootleg 7-14-15TFH*
|
|
|
28.386330%
|
|
|
21.715553%
|
Bootleg 8-14-15H
|
|
|
28.386330%
|
|
|
21.715553%
|
Ironbank 6-14-13TFH*
|
|
|
26.746521%
|
|
|
20.461089%
|
Ironbank 7-14-13TFH*
|
|
|
26.746521%
|
|
|
20.461089%
|
* Wells have yet to be elected by Samson and therefore are
subject to change.
RAINBOW PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Gladys
1-20H (SSN 23%)
The Gladys 1-20 H well has been drilled by Continental Resources to a
total depth of 19,994 feet. The well is a 1,280 acre lateral
(approximately 10,000 feet) in the middle member of the Bakken Formation.
|
| Lateral length |
| Objective |
| Status |
| IP rate BOPD |
| Avg. Rate BOPD# |
| Cum to Date BO |
Gladys 1-20H
|
|
9,558 ft.
|
|
Middle Bakken
|
|
Preparing to flow back
|
|
NA
|
|
NA
|
|
NA
|
Gladys 1-20H has drilled out to frac plug #37 (of 39). The coiled tubing
drill out operation was limited by the coils ability to enter the
wellbore, unlike jointed pipe no additional weight can be applied in the
vertical part of the coil. The operation therefore left 2 of the 39
plugs in the lateral un-drilled. These plugs are equipped to flow
without being completely removed; the restriction to the flow back will
be minimal.
Samson’s Ordinary Shares are traded on the Australian Securities
Exchange under the symbol "SSN". Samson's American Depository Shares
(ADSs) are traded on the New York Stock Exchange MKT under the symbol
"SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson.
Samson has a total of 2,837 million ordinary shares issued and
outstanding (including 230 million options exercisable at AUD 3.8
cents), which would be the equivalent of 141.85 million ADSs.
Accordingly, based on the NYSE MKT closing price of US$0.39 per ADS on
Sept 2nd, 2014, the Company has a current market capitalization of
approximately US$57.88 million (the options have been valued at an
exchange rate of 0.9239). Correspondingly, based on the ASX closing
price of A$0.021 for ordinary shares and a closing price of A$0.012 for
the 2017 options, on Sept 2nd, 2014, the Company has a current market
capitalization of approximately A$62.33 million.
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Statements made in this press release that are not historical facts may
be forward looking statements, including but not limited to statements
using words like “may”, “believe”, “expect”, “anticipate”, “should” or
“will.” Actual results may differ materially from those projected in any
forward-looking statement. There are a number of important factors that
could cause actual results to differ materially from those anticipated
or estimated by any forward looking information, including uncertainties
inherent in estimating the methods, timing and results of exploration
activities. A description of the risks and uncertainties that are
generally attendant to Samson and its industry, as well as other factors
that could affect Samson’s financial results, are included in the
prospectus and prospectus supplement for its recent Rights Offering as
well as the Company's report to the U.S. Securities and Exchange
Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.
Contacts:
Samson Oil & Gas Limited
Terry Barr, CEO
303-296-3994 (US
office)
970-389-5047 (US cell)
Source: Samson Oil & Gas Limited
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