Midday Trading -- Trading At New Highs: Berkshire Hathaway, Continental Resources, And Whiting; Samson Oil & Gas Plummets

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Oil trades solidly above $104 near end of trading day.

Trading at new highs today: AXAS, BHI, BRK.B (wow), CLR, ECA, ERF, HAL, HP, NFX, SLB, SRE, WLL.

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On the other hand, SSN falls as much as 20%:

Samson Oil & Gas announces equity placement : Co announces it has placed 65 mln ordinary shares to investors in Australia and 11,255,541 ADSs (representing 225,110,820 ordinary shares) to investors based in the United States to raise gross proceeds of A$5,802,217.

• The placement was completed at $0.02 per ordinary share (~$0.375 per ADS), and includes options, or warrants, to purchase an additional 3 shares for each 10 shares subscribed for, at an exercise price of A$0.033 (~$0.61 per ADS). The options/warrants will expire on 30 April 2018.

I could be reading it incorrectly, but it seems the company has 127 million shares outstanding; 225 million more shares seems a fair amount of dilution.

Market cap;

• At 127 million shares at 46 cents/share = $58 million.
• After today's announcement, 127 million shares at 38 cents/share = $48 million.

I don't know the total assets of Samson Oil & Gas. My last data point suggests Samson Oil & Gas has about 3,000 acres in Stockyard Creek. $48 million/3,000 acres = $16,000/acre. Of course, I don't know what other assets Samson Oil & Gas might have.