Samson Oil & Gas Operational Advisory
May 28 2013 - 8:00PM
Business Wire
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises
on the following operations:
North Stockyard (Samson operated North Tier)
The Sail and Anchor 3-13-14 HBK (Horizontal Bakken) well was
drilled from the previously reported depth of 13,780 feet (MD)
however the well trajectory was 20 feet lower than planned and
encountered the Lower Bakken Shale at 16,225 ft. (MD) necessitating
plans to side-track. The side-track will be initiated at
approximately 14,969 feet (MD). Having an accurate calculation of
dip provides clarity for re-drilling this section of lateral to its
projected Total Depth of 18,000 feet. (MD). Side-tracks are not
uncommon in Bakken horizontal wells and the decision to initiate
this operation should ensure an easier production liner
installation than would have otherwise been the case.
About Samson Oil & Gas Limited
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 2,813 million ordinary shares
issued and outstanding, which would be the equivalent of 141
million ADSs. Accordingly, based on the NYSE MKT closing price of
US$0.48 per ADS on May 28th, 2013 the Company has a current market
capitalization of approximately US$67.68 million. Correspondingly,
based on the ASX closing price of A$0.026 on May 28th, 2013, the
Company has a current market capitalization of approximately
A$73.14 million.
SAMSON OIL & GAS LIMITED
TERRY BARRManaging 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.
This announcement does not constitute an offer to sell or the
solicitation of an offer to buy any of Samson’s securities, nor
shall there be any offer or sale of such securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful without registration or qualification under the securities
laws of the jurisdiction. While Samson has filed a registration
statement with the U.S. Securities and Exchange Commission relating
to a proposed Rights Offering to its shareholders, that offering
will be made only by means of a prospectus. The U.S. prospectus and
prospectus supplement for the Rights Offering are available at
www.sec.gov/edgar/searchedgar/webusers.htm. The Australian
prospectus is available at www.asx.com.au. A copy of the U.S.
prospectus and prospectus supplement may be obtained from the
information agent, Georgeson Inc. at (800)-213-0473.
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 the 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.
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