All acreage is in Montana, which I don't follow. I do not know how long the link will remain intact.
Samson O&G has agreed to acquire up to 90,000 net acres of oil and gas leases in the Fort Peck Indian Reservation in, Roosevelt County, Montana, from Fort Peck Energy Company LLC (FPEC) for an undisclosed price.Roosevelt County, Montana, is immediately west of the prolific area just west and northwest of Williston, North Dakota, the heart of the Bakken, and for which the Williston (Oil) Basin is named.
Samson plans to fund its acquisition costs and the drilling of the initial two appraisal wells from its existing cash resources. While Samson's ultimate ownership interest in the three Tranches will vary, depending on FPEC's future decisions whether to back in to an interest in the acquired acreage, Samson will hold at least a 66.66% working interest (53.34% net revenue interest) in all of the acquired acreage.
The Roosevelt Project is located in a technically attractive, but largely undrilled part of the Williston Basin. After exhaustive study, Samson's technical staff has concluded that the area is part of the Bakken continuous oil accumulation with adequate porosity and oil saturation for commercial production. Samson is not alone in reaching such a conclusion as the acreage block is surrounded by leases held by other well-known energy industry participants.
The initial two well drilling program will be initiated as soon as practicable, with a target spud date of September 1st for the first well. Drilling of the second well would be expected immediately following the completion of the first well. Both wells are planned to be drilled as 4,500 foot laterals in the middle Bakken formation and then fracture stimulated using a multi stage, external casing packer completion technique.
