RIGZONE: Samson Update

I didn't get around to posting this link yesterday, a Rigzone.com story on Samson Oil and Gas, so here it is.

Samson Oil and Gas announced a three-day management meeting in which they reviewed their strategic plan.

The board approved the company's growth strategy, its CAPEX, and an operational plan.

It appears Samson has a three-pronged strategy:

1) Samson intends to focus on developing its two oil plays

• The Bakken in North Dakota
• The Niobrara in Wyoming

2) Samson also intends on rationalizing (I do not know what that means, yet) its existing gas producing portfolio. I assume it means that each of the portfolio will be reviewed and must be justified if it is going to stay in the portfolio.

3) Finally, Samson plans to develop a suite of new prospects in the onshore Gulf Coast Basin

Samson's acreage in the North Dakota Bakken is centered on the north side of the Stockyard Creek oil field. Samson has participated in five wells in this field. The sixth (and last) well to be drilled in the company's leasehold in this area will be the Harstad 2-15H, to be spudded in late 2010 or early 2011. This will be a twin well to Harstad 1-15H which was completed in the Mission Canyon formation.

This is interesting: "Because Samson believes that the [Stockyard] field will ultimately be approved for development on 320 acres, it is likely that there will be an additional four drilling locations."

Samson will continue to look for opportunities to extend its operations in the Bakken in North Dakota and Montana.

For additional information on Samson's plans outside of the Bakken, go to the link.