DENVER & PERTH, Australia--(BUSINESS WIRE)--
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises on the following operations:
North Stockyard (Samson operated North Tier)
The Sail and Anchor 3-13-14 HBK (Horizontal Bakken) well was drilled from the previously reported depth of 13,780 feet (MD) however the well trajectory was 20 feet lower than planned and encountered the Lower Bakken Shale at 16,225 ft. (MD) necessitating plans to side-track. The side-track will be initiated at approximately 14,969 feet (MD). Having an accurate calculation of dip provides clarity for re-drilling this section of lateral to its projected Total Depth of 18,000 feet. (MD). Side-tracks are not uncommon in Bakken horizontal wells and the decision to initiate this operation should ensure an easier production liner installation than would have otherwise been the case.
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 2,813 million ordinary shares issued and outstanding, which would be the equivalent of 141 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.48 per ADS on May 28th, 2013 the Company has a current market capitalization of approximately US$67.68 million. Correspondingly, based on the ASX closing price of A$0.026 on May 28th, 2013, the Company has a current market capitalization of approximately A$73.14 million.
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
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