it's about to rocket up huge :
QUARTERLY REPORT
for the period ended 30 June 2018
Samson Oil & Gas USA
1131, 17th Street, Suite 710, Denver Colorado 80202
T: +1 303 295 0344 F: +1 303 295 1961
Samson Oil & Gas Limited
Level 16, AMP Building, 140 St Georges Terrace, Perth WA 6000
T: +618 9220 9830 F: +618 9220 9820 ABN: 25 009 069 005 ASX: SSN
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FINANCIAL HIGHLIGHTS
- Average net production for the quarter ended 30 June 2018 was 528 barrels of oil equivalent per day, up
20% from the quarter ended 31 March 2018.
- Production from the Foreman Butte project increased from the March quarter total of 34,450 barrels of oil
(net production) to 46,348 barrels of oil for the June quarter. The increase in production is due to the
workover program Samson has put in place following the acquisition and refurbishment of its workover rig.
- The Company has acquired a workover rig and this rig has been refurbished, transported to Williston and
commenced its first workover in February. During the quarter, 7 wells have been returned to production.
These workovers have added around 93 BOPD to the projects output.
- As expected during this time in North Dakota and Montana, various roads have been closed during the
quarter for the spring thaw which impacts the Company’s ability to truck water and oil leading wells to be
shut in from time to time.
- During the quarter the Company injected 42,011 barrels of water into our Rose Waterflood. While pressure
data is being monitored, it is expected to be at least the first quarter of 2019 before any noticeable pressure
increase is detected.
Prior 12 month production by quarter:
Q3 2017 Q4 2017 Q1 2018 Q2 2018
OIL, BO 54,580 46,305 38,134 47,540
GAS, MCF 8,429* 2,637 2,067 1,647
BOE 55,94 46,744 38,478 47,815
BOEPD 623 520 427 531
* Does not include gas produced for which we have not yet received the revenue.
Estimated net production and revenue:
OIL Bbls OIL US$ GAS Mscf GAS US$ TOTAL US$
June 2018 Quarter 47,540 2,944,355 1,647 5,208 2,949,563
March 2018 Quarter 38,134 2,190,035 2,067 5,989 2,196,024
Average commodity prices:
OIL US$/Bbl GAS
US$/Mscf
June 2018 Quarter $61.93 $2.90
March 2018 Quarter $57.43 $2.90
In some cases revenue is yet to be received and is therefore an estimate.
SAMSON OIL & GAS LIMITED
June 2018 Quarterly Report
Page 2 of 8
LAND
PROJECTS 10B
Rainbow Field: Williams County, North Dakota
Mississippian Bakken Formation, Williston Basin
Gladys 1-20H
Samson 23% Working Interest
Kraken Operating, LLC, the operator of the Gladys 1-20H well, has been producing this well at an average rate
of 74 BOPD and 86 MCFPD during the quarter. There are 6 additional Bakken/Three Forks drilling locations on
this 1280 acre lease.
Foreman Butte Project: McKenzie & Williams Counties, North Dakota and Richland, Roosevelt, Sheridan
Counties, Montana
Mississippian Madison Formation, Williston Basin
Samson 87% Operated Average Working Interest
During the quarter, Samson has signed a purchase and sale agreement to sell the majority interests in this
project for a purchase price of $40 million with an effective date of 1 January 2018. The Company has convened
the shareholder meeting required to approve this transaction for 13 August 2018, with the transaction expected
to close on 18 August 2018 in line with the terms of the purchase and sale agreement. Importantly, Samson
has retained a 15% working interest in the Home Run field within this project. This field contains the majority of
the proved undeveloped locations within the greater project area. Maintaining this interest will allow Samson to
participate in the upside of the project.
The Home Run Field (also known as the Foreman Butte Field) is the largest area oil field in Samson’s portfolio.
It was developed on a 640 acre spacing pattern and our engineering and geologic analyses have determined
that only 3.2% of the original oil in place has been recovered to date. Given that oil fields can recover up to 20%
of their oil in place, there would appear to be significant un-developed oil to be recovered from this field.
Samson averaged a gross 712 BOPD from its operated wells in the Foreman Butte Project this quarter. The
production is up slightly from the previous quarter following workover operations.
LIQUIDITY
Sources of cash for the next quarter are as follows:
US$(’000’s)
Current cash on hand 1,390
Cash receipts from June quarter oil and gas sales* 1,132
TOTAL 2,522
* Estimate based on realized June quarter production and $61 oil price (indicative of estimated oil pricing),
allowing for a one month delay between production and cash receipt.
PROJECT BASIN STATE COUNTY NET ACRES
Hawk Springs DJ Wyoming Goshen 40
Roosevelt Williston Montana Roosevelt 2,230
Rainbow Williston North Dakota Williams 294
Foreman Butte Williston North
Dakota/Montana
Numerous 51,305
SAMSON OIL & GAS LIMITED
June 2018 Quarterly Report
Page 3 of 8
5B
FINANCIAL
Mutual of Omaha Credit Facility
Following the signing of the purchase and sale agreement, Mutual of Omaha have extended the Forbearance
agreement with respect to the credit facility until 24 August 2018, which will allow the transaction to close and
the loan to be repaid in full.
Foreign Exchange Rates
The closing A$:US$ exchange rate on 30 June 18 was $0.74 The average A$:US$ exchange rate for the
quarter was $0.76.
The Company’s cash position at 30 June 2018 was as follows:
US$(‘000’s)
Cash at bank on deposit 1,390
Hedging
Product Start Date End Date Volume (BO/Mmbtu) Floor $ Ceiling $
WTI 1 July 2018 31 Dec 2018 80,960 45.00 56.00
Henry Hub 1 August 2018 31 Dec 2018 50,490 2.65 2.90
As at 30 June 2018, the value of Samson’s hedging program was ($1.4 million). At 19 July 2018, the value of
Samson’s hedging program was also approximately ($0.9 million).
For and on behalf of the Board of
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
31 July 2018
Information contained in this report relating to hydrocarbon reserves was compiled by the Managing
Director of Samson Oil & Gas Ltd., T M Barr a Geologist who holds an Associateship in Applied
Geology and is a fellow of the Australian Institute of Mining and Metallurgy who has 30 yea
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