Traders of the Caribbean

[naskon]

Have you guys seen this? READ THIS POST

SSN SSN SSN SSN

Stock is up over 16% today on high volume.
Company just stated in a press release they have paid down $6 million in debt. And are using
the rest of the money from their recent offering for new developement program in Texas,Wyoming,and North Dakota.

Here is an excerpt from their recent Press Release.


"Given that the Rights Offering successfully concludes as expected, the Company expects reduce its current debt level by a significant amount, with the residual debt level of approximately US$13.05 million, well below the Proved Developed Producing (PDP) reserve value of US$ 18.9 million established by Ryder Scott as at June 30th, which will cause the Company to return to full compliance with the terms of its debt facility.

In addition, the capital raised will enable Samson to proceed with its development program which will include drilling in Texas, North Dakota and in Wyoming. The drilling program is aimed at delivering shareholder value from a suite of opportunities that the Company has generated. The first of these wells is expected to be the prospect Ripsaw. Preparations for the drilling of this well are being finalized and the spud is expected late November or during December."





http://finance.yahoo.com/news/Samson-Oil-Gas-Limited-Rights-bw-2832129753.html?x=0





Also the stock chart is set up for a real technical breakout!



http://stockcharts.com/h-sc/ui?s=SSN&p=D&b=5&g=0&id=p80227056670





With the price of OIL at 52 week highs SSN which is traded on the AMEX should see $1.00

pers share as all stocks would need to maintain a minimum price of $1.00 PPS to trade on the AMEX.

And with the recent Debt reduction and new developements the company believes this will add more value

to the current shareholders! I have seen this stock go up 100% in one day on more than one occasion.

Please due your own due diligence.