SSN and the Bakken

According to Yahoo!Financial, Samson Oil and Gas has seven employees and controls acreage in New Mexico, Wyoming, Texas and North Dakota. It is headquartered in Australia.

In North Dakota, SSN's acreage consists of slightly more than 3,000 net acres, located around Stockyard Creek oil field.

The North Dakota Bakken is the hottest play in the continental United States right now, so I assume SSN's operations in North Dakota play a significant role in SSN's bottom line.  [Note: in some of its press releases, SSN refers to the Bluell formation. The Bluell formation is one of several informal designations of various sub-formations in the Madison Group (Lodgepole, Charleson, Mission Canyon above the Bakken).]

Today, SSN released its annual earnings report for the year ended June 30, 2010. All figures rounded:

2010 net profit after income tax: $800,000
2009 net profit after tax: ($30 million loss) -- (Is it just me, or would you be impressed that a company with seven employees could keep functioning with a $30 million loss?)

2010 net assets: $25 million
2009 net assets: $4.5 million

2010 oil production: 31,000 barrels (25% increase from previous year)
2009 oil production: 25,000 barrels

There was one cryptic statement: "A third and final closing is expected in early October and is estimated to result in co receiving a further $4 mln in proceeds."