Samson Oil and Gas Update -- The Bakken, North Dakota, USA

SSN: Australian company. The compnay has interests in the Williston Basin, in North Dakota Bakken and Montana Bakken.

• SSN is not an operator; it has leases in the Bakken
• partners with others
• until recently, most acreage located in Stockyard Creek
• announced 20,000 new acres in the ND Bakken, July, 2011
• announced 90,000 new acres in the MT Bakken, Dec, 2011
• it appears it partners often with Zavanna in Stockyard Creek
• a very small market cap: $175 million; thus one good well can make a difference

Recent investment site news:
From SeekingAlpha, December 23, 2011 -- one of three companies on "must-have" list for 2012

• Primary Petroleum (PETEF.PK)
• Samson Oil and Gas (SSN)
• Dejour Energy (Kokapelli Field, northwest Colorado)

From Motley, Fool, December 20, 2011 -- one small cap to watch

• this article reminded me that SSN sold part of its Niobrara holdings to Chesapeake
• strengthened its balance sheet

North Dakota Bakken

Samson's main producing asset is the North Stockyard Field, where the company has five producing wells with Bakken potential. So far, these five wells have achieved initial production rates of between 900 and 2,936 barrels of oil equivalent per day, or BOEPD. One additional well is waiting to be fracked, and the company expects to drill six additional wells, four in 2012 and two in 2013. These wells should provide reasonably strong results, since they're infill wells being drilled alongside its producing wells.

Montana Bakken

The Roosevelt Project, located in Montana. The company has 26,000 net acres, good for 81 net drilling locations. While this acreage is considered by some as a fringe play, the company has high hopes and will be completing two initial wells in cooperation with Halliburton.

Colorado, DJ Basin, Niobara

• Springs project
• 16,000 acres 

Operations update from Motley Fool

Samson's main producing asset is the North Stockyard Field, where the company has five producing wells with Bakken potential. So far, these five wells have achieved initial production rates of between 900 and 2,936 barrels of oil equivalent per day, or BOEPD. One additional well is waiting to be fracked, and the company expects to drill six additional wells, four in 2012 and two in 2013. Also, this from Motley Fool, December 15, 2011 -- "a great 2011 for SSN."

Frustrating

That sixth well the Motley Fool talks about is the Everett 1-15. They've had problems with the fracking. It's not costing them any money because SSN negotiated a fixed price with the fracking company since it is the first fracking job for this particular fracking team (spread) -- the plan is for a relatively low number of stages (20); other companies are move to 30+ stages; the norm is moving toward 24 - 28 stages.

This comment from a reader, December 26, 2011

I read where Sampson repored their first well near Fort Kipp, MT. showed some positive results and they are set to begin their second expoloration well near Brockton, MT.

This is about an hour to two hours west of Williston, which I think is on the western edget of the Bakken. It will be interesting to see those results.