Samson Oil & Gas Ltd. ADR (fka SSNYY)

[MyBad]

2:36AM Samson Oil & Gas provides update on proved reserves (SSN) 0.50 : Co reports its Proved Reserves as of July 1, 2013. Reserves were estimated at 1.8 MMBOE with a Net Present Value at a 10% discount rate of $39.6 mln using NYMEX pricing. Samson also announced its own internal estimate of Proved Reserves as of August 15, 2013, which adjusts for the impact of Samson's transactions since the end of fiscal 2013.

In particular, after considering the recent sale of part of its North Stockyard undeveloped acreage to Slawson Exploration Company, Inc., Samson estimates its Proved Reserves as of August 15th at 1.55 MMBOE, with a value of $34.1 mln using NYMEX pricing. It is noteworthy that, while Proved Reserves declined slightly as a result of the Slawson transaction, the August 15, 2013, figure still represents a substantial value increase from the most recent reserve report dated April 30, 2013, which estimated an NPV10 of $23.6 mln.