Hi Paul -
Congratulations SSN's Gary #1-24H is producing oil & gas!
Re: Samson Oil & Gas Limited Sponso (AMEX: SSN)
Press Release Source: Samson Oil & Gas Limited On Wednesday September 29, 2010, 8:30 pm EDT
Gary #1-24H (37% working interest)
The 20-stage frac job on the Gary #1-24H well has been successfully completed. A total of 2.1 million pounds of proppant was pumped. The isolation plugs that were set between each of the individual frac stages have all been drilled out and production tubing is being run in the hole. During the course of drilling out the plugs, the maximum daily rate, averaged over a 6 hour period, was 2,463 barrels per day. Over this same period, the average gas rate of 1.9 MMCFPD was measured. This equates to 2,780 BOEPD. Based on our experience with other Bakken wells, these rates will fluctuate over the next few weeks and then decline. Over the last 24 hours the well produced 1,636 BOEPD. The Gary #1-24H well is located in Township 154N, Range 99W, Section 24 in Williams County, North Dakota.
finance.yahoo.com
9:30AM Samson Oil & Gas reports year end financials (SSN) 1.35 : Earlier Co lodged its 2010 Financial Report for the year ended June 30, 2010. Net profit after income tax benefit of $817,233 vs net loss after income tax of $30,159,175 in the prior year. Net assets Increased to $25,115,668 from $4,613,116 in 2009. Oil production increased 25% to 30,719 barrels vs 24,608 barrels in the prior year. A third and final closing is expected in early October and is estimated to result in co receiving a further $4 mln in proceeds.
___________________________________
Are you familiar with the book "OIL 101" by Morgan Downey? I wonder if it would help a novice in evaluating these E&P companies?
amazon.com
Can you recommend any other books (or articles) on the subject?
EKS |
