Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
It's 1:30 a.m. here and most people are asleep.....BUT..... Downunder, Samson Oil and Gas is EXPLODING on the ASX Market!
Should be a good day for us when our market opens.... YAY!!!
Waiting.........
DENVER & PERTH, Australia--(BUSINESS WIRE)--
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT (Samson 50% operated working interest)
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises that it is presently drilling ahead in the lateral portion of the Billabong 2-13-14HBK well at a depth of 13,850’ MD. Gas levels have remained at over 2000 units and abundant oil staining has been observed in samples while drilling the Middle Bakken silty sandstone. The forward plan is to continue to drill to a measured depth of 17,663 feet, run and cement the 4½” production liner, and then fracture stimulate the Billabong 2-13-14HBK and Sail & Anchor 4-13-14HBK wells together.
About Samson Oil & Gas Limited
Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,326 million ordinary shares issued and outstanding (including 97,307,525 million options exercisable at AUD 3.8 cents), which would be the equivalent of 116 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.55 per ADS on July 29th, 2013 the Company has a current market capitalization of approximately US$61 million (the options have been valued at an exchange rate of 0.9257). Correspondingly, based on the ASX closing price of A$0.026 for ordinary shares and an closing price of A$0.012 for the 2017 options, on July 29th, 2013, the Company has a current market capitalization of approximately A$59.1 million.
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Statements made in this press release that are not historical facts may be forward looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.”
Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for its recent Rights Offering as well as the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.
Contact:
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994 (US office)
US cell: 970-389-5047
Well, it's Monday again, and we have just entered the CAVR 'no power hour'; let's see what it has in store for us today! lol
Go CAVR!
(Still holding strong)
It would be GREAT if one of the MODs would yellow sticky LawDog's list of locations.... post #30718
BRAVO Billy!
DENVER & PERTH, Australia--(BUSINESS WIRE)--
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT (Samson 50% operated working interest)
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises that drilling operations continue on the Billabong 2-13-14HBK. The well has been drilled vertically to a kick off point at 10,804 feet (MD/TVD) and presently completed the curve at 11,950 feet (MD). The Upper Bakken Shale formation was logged at 11,500 (MD). Gas levels rose sharply through the Upper Shale, increasing from a background of 200 units to over 900 units. Abundant oil staining was observed in samples taken from the Upper Bakken Shale and the Upper Middle Bakken silty sandstone. Currently we are preparing to set 7 inch casing at 11,321 feet (TVD) in the top of the Middle Bakken in preparation to drill the 6,100 foot lateral in the Middle Bakken Formation.
About Samson Oil & Gas Limited
Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,326 million ordinary shares issued and outstanding (including 97,307,525 million options exercisable at AUD 3.8 cents), which would be the equivalent of 116 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.46 per ADS on July 25th, 2013 the Company has a current market capitalization of approximately US$54.4 million (the options have been valued at an exchange rate of 0.9164). Correspondingly, based on the ASX closing price of A$0.023 for ordinary shares and a closing price of A$0.012 for the 2017 options, on July 25th, 2013, the Company has a current market capitalization of approximately A$54.66 million.
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Statements made in this press release that are not historical facts may be forward looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.”
Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for its recent Rights Offering as well as the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.
Contact:
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994 (US office)
US cell: 970-389-5047
Hey, 777.... are you responsible for today's closing number? lol
Monday!
Looks like CAVR forgot to get up this morning...
lol...
Well, they ain't gettin mine!
I like yer post Wilma.
That sucking sound you hear is the sound of Samson's share price being siphoned away!
Damn!
If that's all it takes, I'm gonna show up more often...lol!
Will we end the week with "0" volume today?
Well, they couldn't keep it up!
YUP...Detroit DOES need help....Lotsa help! CPSZ would help a bit!
Might keep some of the usual sticky fingers, honest.
Just sayin'
lolol
I agree, another conference call would be good. It might even help the pps a bit....
MB
Mark your calender, this IS A FIRST....
I actually agree with you this time.
God help me... It almost hurt to say that!
ROFLMAO!
Good one... you should email them the link to the CPSZ website!
Heh! I haven't even looked at that T-shirt page for a loooong time, Wasn't expecting to make any money on it anyway... it was just something fun to do while I watched the stck mrket.
Are you going to hang in thru the split?
I'm NOT happy about the whole 100/1 thing, would have been happier with an across the board 20/1.
MB
A bit tired of this stock sitting in this ditch!
MB
DENVER & PERTH, Australia--(BUSINESS WIRE)--
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises that it has commenced the necessary preparatory work to begin drilling operations on the Billabong 2-13-14HBK, which are expected to commence in the next 24 hours.
This well will be drilled into the Middle Bakken horizon. The surface casing on this well had previously been set at 2,300 feet. The well will be drilled vertically to a kick off point at 10,824 feet (TVD) and 7 inch casing landed at 11,300 feet (TVD) in preparation to drill the 6,100 foot lateral in the Middle Bakken.
The directional plan has been modified based on the lessons learned from drilling the previously reported Sail and Anchor well to manage the difficult drilling conditions experienced in that well. These modifications have included elimination of the deviation in the vertical part of the hole and the employment of a directional drilling contractor with the ability to use a rotary steerable bottom hole assembly. A rotary steerable bottom hole assembly has superior capabilities to control directional drilling compared to conventional steerable equipment. In addition a lighter mud weight will be utilized in the lateral wellbore, which should increase the rate of penetration.
The decision to drill this second Middle Bakken well rather than fracture stimulating Sail and Anchor was taken for several reasons, including the significant cost savings that can be made by stimulating the Sail and Anchor and Billabong wells simultaneously with a hydraulic fracturing treatment. These cost reductions come from a single rather than multiple mobilization costs of the fracture stimulation and ancillary equipment as well as the ability to conduct a single work over in the offset wells to place bridge plugs to protect those wellbores. These savings are estimated to exceed $1 million.
Accordingly, the forward plan now is to drill and complete the Billabong well and then fracture stimulate the two wells together. In addition to the cost savings, this plan will also allow the fracture systems in both wells to be introduced to a similar pressure regime. This means it is more likely that a more uniform fracture network and stimulated reservoir volume is established between the two well bores rather than a pressure regime influenced by production from the Sail and Anchor well. As a result of this increased stimulated reservoir volume, the ultimate volume of oil recovered should increase from both wells compared to the situation where each well is stimulated independently with a time gap between the two fracture treatments.
SOUTH PRAIRIE
The Matson #3-1 well has been drilled to a depth of 4,670 feet and is undertaking a short trip to condition the hole ahead of penetrating the main target zone. This is being undertaken now such that if warranted the zone can be drill stem tested.
The Matson #3-1 well will be drilled to a total depth of 4,900 feet to test a 420 acre 4-way structural closure in the Glenburn zone of the Mississippian Mission Canyon Formation. The Glenburn zone has produced over 2.5 million barrels of oil just 2 miles to the northeast from a similar type of trap at South Glenburn Field.
Hi Smitter,
Welcome! I've been with CAVR for quite a while...
Still waiting for them to pull it all together, but I do believe they will.... hopefully soon, the wait is boring.lol
Have you ever looked at CPSZ?
MB
HaH! Every1 git yer hands up... we're being 'pick-pocketed'!
Good afternoon Smitter,
Saw you on CAVR board, does your avatar denote that you are in this area, or are you a fan from afar?
MB
IMP, Just got a chance to listen to that interview, about 7 min. long, it sounds very positive moving forward.
Still Happy! Still holding!
From Wikipedia: "Proxy"
Proxy is an agent or substitute authorized to act for another person or a document which authorizes the agent so to act...
So when they say "Proxy", they might not mean "VOTE"; so as an example, if anyone from this board goes to the meeting and represents some other shrhldr, they are acting as a "Proxy" for that person by attending the meeting in their stead.
I'm not worried about the word: 'Proxy', I believe it is the proper terminology for them to use in this case.
Just sayin'
yipster... It just jumped to:100k
$0.0019
0.00 (0.00%)
Bid
0.0019
Ask
0.002
B/A Size
100000x65200
High
0.0021
Low
0.0019
Volume
3,055,800 (Heavy)
------------------
$0.0021
0.0002 (10.53%)
Bid
0.002
Ask
0.0021
B/A Size
10000x1525200
High
0.0021
Low
0.0021
Volume
275,000 (Above Avg)
TDA has it @ 10k
UP! .........YaY!
DENVER & PERTH, Australia--(BUSINESS WIRE)--
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises on the following operations:
South Prairie Project (Samson 25% non-operated working interest)
The Matson #3-1 well, which is the first well to be drilled in the South Prairie Project in Ward County, ND, was spud today and is drilling at a depth of 620’ as of 6 a.m. this morning. The Matson #3-1 well will be drilled to a total depth of 4,900 feet to test a 420 acre 4-way structural closure in the Glenburn zone of the Mississippian Mission Canyon Formation. The Glenburn zone has produced over 2.5 million barrels of oil just 2 miles to the northeast from a similar type of trap at South Glenburn Field.
About Samson Oil & Gas Limited
Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,326 million ordinary shares issued and outstanding (including 97,307,525 million options exercisable at AUD 3.8 cents), which would be the equivalent of 116 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.45 per ADS on July 11th, 2013 the Company has a current market capitalization of approximately US$52.87 million (the options have been valued at an exchange rate of 0.92). Correspondingly, based on the ASX closing price of A$0.025 for ordinary shares and an indicated price of A$0.0075 for the 2017 options, on July 11th, 2013, the Company has a current market capitalization of approximately A$58.87 million.
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Statements made in this press release that are not historical facts may be forward-looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.”
Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for its recent Rights Offering as well as the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.
Contact:
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994 (US office)
970-389-5047 (US cell)
Kingb... So glad that T-shirt is working out for ya!
CPSZ is about to afford you a whole closet full of them shirts!
How about one that sez: CPSZ.... I told ya you shudda bought some!
LOLOL
Heh... now THAT's a Sad commentary!
I sure wish I some extra $$$'s to throw at this right now, but I don't. If I could, I'd be buying!
Pasq, The 'talk' of a r/s does not mean it is set in stone yet; we are all waiting for the meeting to take place so we can find out IF it's actually going to happen and if so, when.
Yes, I took that into account.. I'm suggesting we, you, or whomever, can speak their mind in the email...
no-one has to use my particular thoughts.
Just use an email to address the company BEFORE the meeting....
or not!
BTW, I'm not entirely against an r/s... I just think it should be the same/equal across the board...
I FINALLY got my hard copy from CPSZ thru TDAmer. July 5TH! WoW... that was efficient delivery!
I had this crazy thought... since we did not get a voting proxy form with this letter, why don't we all just scan our 'letter' as proof of shrs owned, and paste it to an email it to the company, and tell them that we do not support an r/s. UNLESS we get the same 10/1 split that management is getting.
I'm sure it wouldn't do us a single bit of good, but at least those of us who cannot attend the meeting in person can feel like we got to say something about it, or anything else of value. Could ask for a posting (or e-mailing) of the meetings minutes within 24 hrs. of said meeting.
Just sayin'
Any thoughts?
.0052 OUCH!
Oh My..... it' even getting negative for CPSZ over here!!! LoL!
Sorry if you're all feeling a bit down on this company right now...
As for me, I see clear skies and good sailing ahead,
now excuse me while I go put my head back in the sand.
rotfl!
Just kidding, I'm still looking for positive things outta CPSZ.
Just gotta wait 'n see. If they truly intend on being a fully reporting 'legit' company,
they will HAVE TO come thru at some point, I don't want to see an r/s either, but
.... oh well!
GM and good trading to everyone.
MB
Form 10-Q for SAVOY ENERGY CORP 3-Jul-2013
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
Certain statements, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives, and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements generally are identified by the words "believes," "project," "expects," "anticipates," "estimates," "intends," "strategy," "plan," "may," "will," "would," "will be," "will continue," "will likely result," and similar expressions. We intend such forward-looking statements to be covered by the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of complying with those safe-harbor provisions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse affect on our operations and future prospects on a consolidated basis include, but are not limited to:
changes in economic conditions, legislative/regulatory changes, availability of capital, interest rates, competition, and generally accepted accounting principles. These risks and uncertainties should also be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Further information concerning our business, including additional factors that could materially affect our financial results, is included herein and in our other filings with the SEC.
Overview
We were incorporated as "Arthur Kaplan Cosmetics, Inc." on June 25, 2007, in the State of Nevada. We subsequently changed our name to Savoy Energy Corporation.
On March 31, 2009, we entered into an Agreement and Plan of Merger (the "Merger Agreement") with Plantation Exploration, Inc., a privately held Texas corporation ("Plantation Exploration"), and Plantation Exploration Acquisition, Inc. ("Acquisition Sub"), our newly formed wholly-owned Nevada subsidiary. In connection with the closing of this merger transaction, Acquisition Sub merged with and into Plantation Exploration (the "Merger") on April 2, 2009, with the filing of articles of merger with the Texas secretary of state. As a result of the Merger, Plantation Acquisition no longer exists and Plantation Exploration became our wholly-owned subsidiary.
Subsequently, on April 3, 2009, we merged with another wholly-owned subsidiary of our company, known as Savoy Energy Corporation, in a short-form merger transaction under Nevada law and, in connection with this short form merger, changed our name to Savoy Energy Corporation.
Our Business
We are in the business of re-entering, re-completing, extracting oil, and selling oil from previously undeveloped and drilled wells in the United States. Our plan of operations is to economically extract a significant amount of the "left-behind" oil from previously drilled sites.
We currently hold leases on or are producing oil from the following unproven and proven developed and undeveloped wells: (a) a 49.25% undivided interest in certain lease acreage comprising 144 acres which was previously producing located in Gonzales County, Texas, (b) a 5.0% overriding royalty interest in W.L. Barnett ET AL #1 & #2 and (c) a 2.75% working interest in the Glass 59 #2 well. We will continue our workover efforts on these wells, and seek to duplicate our successful efforts with other wells.
Once we have determined which wells have the greatest production potential and are most likely to respond to our workover efforts, we will then pursue acquiring interests in those wells. We will then engage in workover operations as with our previous wells, primarily through horizontal drilling and acidization. We intend to extract and sell crude oil through a third party purchaser.
Our strategy is to concentrate on existing low maintenance production, exploit low risk sidetrack drilling opportunities as and when identified, and use the accumulated information and results to advance operations.
Large oil companies with high overhead costs require high production rates for wells to be economically viable. Our small size and lower overhead allows profitably extraction of oil at low production rates. Our goal is to turn wells rendered uneconomical and abandoned by large companies into profitable ones.
Developments in Expansion of Wells
In February 2011, the Company sold its 52.5% working and revenue interest and the support equipment on the Zavadil No. 1 well in Gonzales County, Texas to Lucas Energy, Inc. for cash proceeds of $65,000 and forgiveness of payables in the amount of $25,080. The proceeds associated with the support equipment and forgiveness of payable totaling $79,219 was recorded as a gain on sale of assets. The proceeds associated with working and revenue interest totaling $10,861 were accounted for as a reduction of capitalized costs, with no gain or loss recognized.
In March 2011, the Company sold a 25,75% working and revenue interest and the support equipment on the Rozella Kifer No. 1 well in Gonzales County, Texas to Lucas Energy, Inc. for cash proceeds of $37,100. The proceeds associated with the support equipment totaling $13,809 was recorded as a gain on sale of assets. The proceeds associated with working and revenue interest totaling $23,291 were accounted for as a reduction of capitalized costs, with no gain or loss recognized.
In April 2011, the Company sold a 12.875% working and revenue interest and the support equipment on the Rozella Kifer No. 1 well in Gonzales County, Texas to Lucas Energy, Inc. for cash proceeds of $18,550. The proceeds associated with the support equipment totaling $6,905 and will be recorded as a gain on sale of assets. The proceeds associated with working and revenue interest totaling $11,646 will be accounted for as a reduction of capitalized costs, with no gain or loss recognized.
In May 2011, the Company sold its remaining 12.875% working and revenue interest and the support equipment on the Rozella Kifer No. 1 well in Gonzales County, Texas to Lucas Energy, Inc. for cash proceeds of $18,550. The proceeds associated with the support equipment totaling $6,905 and will be recorded as a gain on sale of assets. The proceeds associated with working and revenue interest totaling $11,646 will be accounted for as a reduction of capitalized costs, with no gain or loss recognized.
Results of Operations for the Three Months Ended March 31, 2012 and 2011
Revenues. Our total revenue reported for the three months ended March 31, 2012 was $5,274 compared to $3,516 in the comparable period for the prior year.
Lease Operating Expenses. The lease operating expenses for the three months ended March 31, 2012 were $1,070, compared to $3,035 in the comparable period of the prior year.
General and Administrative Expense. General and administrative expense for the three months ended March 31, 2012 decreased to $66,088 from $106,522 for the comparable quarter in 2011. The decrease in general and administrative expense was largely attributable to a decrease in professional fees and the recognition of stock compensation expense in the prior year's comparable quarter.
Gain on Sale of Assets. During the three months ended March 31, 2011, the sale by the Company of certain oil and gas properties netted the Company an aggregate of $96,827.
Other Income (Expenses). We recorded interest expense of $1,718,841 for the three months ended March 31, 2012 compared to $82,513 in the comparable quarter the prior year. The increase was largely attributable to the initial interest expense of $1,705,638 recorded for the fair value of the embedded derivative liability related to the Carebourn Notes. Included in other expenses is $238,756 of expenses for the fair value change in derivative liabilities compared to income recognized of $9,818 in the prior year period.
Liquidity and Capital Resources
As of March 31, 2012, we had total current assets of $10,168. Our total current liabilities as of March 31, 2012 were $3,082,150. Thus, we had a working capital deficit of $3,071,982 as of March 31, 2012.
Operating activities used $8,183 in cash for the three months ended March 31, 2012, compared to $114,235 for the three months ended March 31, 2011. Cash flows provided by investing activities were $101,942 during the three months of the prior year. Cash flows provided by financing activities during the quarter ended March 31, 2012 was $200, compared to $10,000 for the three months ended March 31, 2011. The 2011 activity consisted of proceeds from notes payable of $30,000, less repayments of $20,000.
Based upon our current financial condition, we do not have sufficient cash to operate our business at the current level for the next twelve months. We have negative working capital and rely on proceeds from equity and loans to fund our operations. We intend to fund operations through increased sales and debt and/or equity financing arrangements, which may be insufficient to fund expenditures or other cash requirements. We plan to seek additional financing in a private equity offering to secure funding for operations. There can be no assurance that we will be successful in raising additional funding. If we are not able to secure additional funding, the implementation of our business plan will be impaired. There can be no assurance that such additional financing will be available to us on acceptable terms or at all.
Going Concern
Our financial statements are prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As of the date of this report, we have generated losses from operations, have an accumulated deficit and a working capital deficiency. These factors raise substantial doubt regarding our ability to continue as a going concern.
In order to continue as a going concern and achieve a profitable level of operations, we will need, among other things, additional capital resources and to develop a consistent source of revenues sufficient to meet our operating expenses. Our continuation as a going concern is dependent upon our ability to raise equity or debt financing, and the attainment of profitable operations from our planned business.
Our ability to continue as a going concern is dependent upon our ability to successfully accomplish the plan described in the preceding paragraph and eventually attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.
Off Balance Sheet Arrangements
As of March 31, 2012, there were no off balance sheet arrangements.
Agreed! Have a GREAT 4th!
God Bless America!!!!