Samson Oil & Gas Ltd. (NYSE: SSN) provides an operational advisory and advice on the status of the Roosevelt sale.
ROOSEVELT PROJECT, ROOSEVELT COUNTY, MONTANA
As previously advised, Samson entered into a binding agreement on June 21 to sell its interest in the Roosevelt project in Montana. The agreement required the sale to close on or before July 31. While the buyer did not advise Samson of any title or environmental problems during or after the due diligence period, the buyer did not proceed to close the transaction as scheduled and has requested an extension of time until Aug. 15. Samson has not agreed to extend the deadline for closing pending receipt of additional information from the buyer. Absent such an extension, Samson may deliver a termination notice to the Buyer at any time after today, which was the earliest date that such a notice could be delivered under the terms of the agreement
If the currently proposed sale does not close, Samson will examine its options with respect to this acreage, including but not limited to sale of the property to another buyer or development of the conventional potential of the acreage.
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Billabong 2-13-14HBK well
The Billabong well reached a total depth of 17,613 feet on July 31. The lateral remained in the 18 foot target within the middle Bakken zone for its entire length and recorded oil and gas shows that are customary for a well drilled in the Bakken with a water based brine system. Samson could not report the oil and gas shows on the previously drilled Sail & Anchor 4-13-14HBK well because that lateral was drilled with an oil based mud which masked hydrocarbon shows. The gas shows in the Billabong well were measured as high as 4,000 units and abundant brown oil staining was observed in the cutting samples. The well was drilled in a total of 14.9 days from the bottom of the surface casing shoe to total depth, some two days ahead of the time curve established from the offset Earl well.
The forward plan is to run and cement the four and one-half inch production liner, after which both the Sail & Anchor and Billabong wells will be fracture stimulated contemporaneously.
Samson Oil & Gas Ltd. is an independent energy company engaged in the acquisition, exploration, exploitation, and development of oil and natural gas properties in the U.S. The company is based in Perth, Australia.
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