DENVER & PERTH, Australia--(BUSINESS WIRE)--
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT, WILLIAMS COUNTY, NORTH DAKOTA
Tooheys 4-15-14HBK and Coopers 2-15-14HBK wells (SSN WI 27.76%)
The curve portion of the Tooheys 4-15-14HBK well was drilled and landed in the top of the Middle Bakken Formation at a depth of 11,695 feet. The rig is currently running 7 inch casing into the hole. Once the rig is finished running the casing, the 7 inch will be cemented in place. The rig will then skid over to drill the 8 ¾ inch intermediate portion of the Coopers 2-15-14HBK well as a time saving measure, to capitalize on operating efficiencies of rig skidding capabilities. The Coopers well will be drilled to a total measured depth of 17,827 feet and subsequently the rig will skid back to the Tooheys well to finish the lateral portion of the well.
Sail and Anchor 1-13-14HBK well
Fracture stimulation of the Sail and Anchor well is currently anticipated to commence September 5th.
ROOSEVELT PROJECT, ROOSEVELT COUNTY, MONTANA
As previously advised, Samson amended the Asset Purchase and Sale Agreement which provided for the sale of the Company’s Roosevelt County project for $13.533 million to allow the buyer to close by August 31st, after the buyer provided evidence of the availability of funds to complete the purchase. The buyer nevertheless failed to close by the extended closing date. Accordingly, Samson has terminated the agreement and is exploring other alternatives for the property.
As previously reported, Samson still expects to realize substantial value from this contiguous 45,000 acre project (of which Samson owns 30,000 acres), through a joint development project, sale or other means.
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