Samson Oil & Gas Ltd. ADR (fka SSNYY)

[OilStockReport]

I have to agree. Pretty good looking small cap we got here.

Samson Oil & Gas (AMEX: SSN )
Next up is a small Australian-based company named Samson Oil & Gas. Thanks to a deal with Chesapeake Energy (NYSE: CHK ) last year in which it sold just under 23,000 net acres in the Niobrara shale for $74 million, Samson is now flush with cash. It sounds funny to talk that way about a company with a net cash position of just $60 million -- that is, until you realize that Samson has a market cap of less than $200 million.

Just yesterday, Samson provided an operational update on its recently initiated four-well-drilling program. The company detailed that it had mobilized a rig to start drilling in the Niobrara shale. We can see that the company has not wasted much time putting its cash to use. It's not surprising, given that the Niobrara acreage fetched a decent price from the much bigger Chesapeake -- its acreage is obviously thought to be somewhat prospective.