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Samson Oil & Gas Limited Message Board

  • spook2b spook2b Mar 25, 2013 8:07 PM Flag

    Q&A on the rights offering II

    One further note - because in all likelihood not everyone will exercise their rights, SSN is giving us the option to "oversubscribe" for shares or ADS that aren't spoken for. You could put in for an amount over & above what your rights are - say you have rights to buy 1,000 ADS, you could put in to buy 2,000, and if there were extras you could get all of what you wanted, or a "pro rata" share.

    Say there are 1,000,000 ADS that aren't purchased with the rights, and shareholders oversubscribe to buy 10,000,000. In that case, each shareholder would get 1/10 of the extra shares they oversubscribed for.

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    • Apr 1, 2013 9:52 PM Flag


      Sentiment: Buy

    • the way i read it, only investors whose primary address is in Australia or New Zealand get to purchase these rights offer shares. Am i wrong?

      Sentiment: Hold

      • 2 Replies to jbbetting
      • jb, you're evidently reading this line from the Aus + NZ prospectus:

        In the Company’s view, it would be unreasonable to make the Offer to Shareholders with registered addresses outside Australia and New Zealand (‘Ineligible Shareholders’) having regard to the number of Shareholders resident outside those jurisdictions, the number of New Shares and New Options that would be offered to them, and the cost of complying with the legal requirements in those jurisdictions in relation to the Offer.
        There is a separate prospectus for U.S. holders of the ADS. Here's a clip from the news release on 3/21:

        A U.S. prospectus and an Australian prospectus for the Rights Offering are expected to be sent to shareholders on or about 8 April 2013. The Rights Offering will be made to shareholders in both the USA and Australia.
        The U.S. prospectus is on file with the SEC, unfortunately Y! won't let me link it for you. Suffice to say, US holders ARE included in the offering.

      • andymaxwell Mar 27, 2013 11:17 AM Flag

        Holders of record of ADS shares will be offered subscription rights including warrant options. $2,743,814 from placement of ADS shares to institutional investors is in the bank.

        Sentiment: Strong Buy

    • andymaxwell Mar 25, 2013 11:47 PM Flag

      the last time they offered subscription rights options Samson hadn't even drilled the North Stockyard wells. Now they know....

      Sentiment: Strong Buy

      • 6 Replies to andymaxwell
      • Apr 19, 2010 – Samson Oil & Gas (SSN) Announces Total Flow Rate at Gene 1-22H of ... on the Gene 1-22H well located in Williams County, North Dakota.

        Andy you are a FRAUD!!

      • andymaxwell Mar 26, 2013 10:15 AM Flag

        peytonmanning if you paid 62 cents per share for 22058 ADR's back in June of 2010 you waited too long. That figures - didn't do your homework - again. The offer to me was for 57.7 cents per share which I subscribed to (on top of the 43 cent shares I already had). Problem is you don't have a clue. That's why they traded you to Denver from Indianapolis - a burned out loser...

        Sentiment: Strong Buy

      • North Stockyard Project – Williston Basin, North Dakota
        Samson Various Working Interests
        In December 2006, Samson acquired a 34.5% working interest in 3,303 acres adjacent to the North Stockyard Oil Field, which is located in the Williston Basin in North Dakota.
        The prospect has the ability to deliver 5 Bakken drilling locations with each well being drilled as a horizontal intersection, which is common in the Leonard #1-23 discovery well. Each well in the program will be dependent on the successful completion of the initial and subsequent wells.
        The Harstad #1-15H (34.5% working interest) well had an acid fracture stimulation undertaken in February 2008, which increased the production rate of this well from 60 BOPD to an average of 120 BOPD for the first two months after the frac. Production has gradually decreased after this stimulation and in line with the Company’s production forecast and is currently at 65 BOPD following a recent work-over to replace the rod string.
        The Leonard #1-23H well (10% working interest) spudded on October 12, 2008 and has a surface location adjacent to the producing Harstad #1-15H well. The Leonard #1-23H well was drilled vertically to the Bluell at 10,137’ but the section did not exhibit sufficient porosity to justify the planned horizontal section. The joint venture elected to deepen the well and drill a horizontal lateral into the middle Bakken Formation, which has been proven to be productive in the region.
        The Leonard #1-23H well was stimulated and initial flow back rates of around 820 BOPD were recorded. The well flowed initially unassisted up seven-inch casing at variable rates for a period of 45 days, after which the operator drilled out the constraining packer seats and ran a string of tubing and a pump to attempt to establish a stable rate. The workover was successful in improving the production rate, which was around 70 BOPD and 150 Mcf/d during the quarter ended June 30, 2009. However, this rate is below expectation an

      • Share Purchase Plan

        The Company also announces that it intends to offer a Share Purchase Plan
        ("SPP") to all holders of the Company's ordinary shares. Shares will be offered
        to Australian resident shareholders at an issue price of A$0.034 each. Each
        shareholder as of the record date of May 18, 2010 will be entitled to subscribe
        for between 30,000 shares (for A$1,020) and 441,176 shares (for A$15,000) by
        selecting one of four prescribed tranches.

        Concurrent with the SSP, the Company intends to pursue a rights offering in the
        U.S. which will enable its ADS holders to purchase additional ADSs at a price of
        $0.639 per ADS, which includes a fee of $0.01 per ADS payable to the depositary.
        Each holder of ADSs as of the record date of May 18, 2010, regardless of the
        number of ADSs held by such holder, will be entitled to purchase, by selecting
        one of four prescribed tranches, between 1,500 ADS (for US$958.50) and 22,058
        ADS (for US$14,095.06).

      • Peyton- you are 100% wrong, and a LIAR. anything to sway the board lower, huh #$%$ bag shorts? when do stop lieing shorts? WHEN?

        Sentiment: Hold

      • Wrong again Andy. Do you ever post anything that is a fact?? Here is the truth. leonard and Harstad wells drilled in 2008. Gene well results were in April 2010. Rights offering was in May 2010 at .62 That money was used to drill the gary well and later Earl and Rodney. But then again you still think SSN did not spend 13 million on Gretel and Aus 2. (each)

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