SSN's two 1280 adjacent units are 1 mile NE of 2 Petro Hunt producing wells; 3 miles north of 3 CLR producing wells; 5 miles NW of 4 Hess producing wells. In Feb 2013, steady production avg 110 BOPD per Bakken well in this field (Rainbow Projet), after the initial 90-day sharp decline now on mild curve. Middle Bakken thickness from 20' to 30', 3-Fork first bench approx 50'. Total 4 benches of 3-Fork is approx 175' in this part of Williams cnty. It is on the northern rim of the Bakken central bowl.
There is not any horiz wells drilled on the SSN units yet, but it looks promising in the proven Bakken pay zones and good potential in the 3-Fork 1st bench pay zone.
The Joint Venture wells with Continental are just North of their 3 existing wells which are:
Stephenson 1-31 IP 508 and had 16,000 BBO in the first 45 days over 350 BOD
Garner 1-32 with an IP 564 BBO and also about 16,000 BBO in the first 45 days over 350 BOD
Blaine 1-33 with an IP 504 and also about 16,000 BBO in the first 45 days over 350 BOD
Continental uses long laterals 9,800 feet so the JV wells will stretch across two sections, starting 400 feet from the existing wells drain.
Samson Oil more than likely will also participate in any in-fill wells in the Rainbow field as in the ones next to the wells listed above.
Slide 8 in todays presentation in New York that states "16 Bakken and Three Forks" means 8 Bakken and 8 Three Forks, see slide 22 with the Rainbow play layout. These are going to be 9,800 foot laterals across two sections.
Eager to make up for your losses on dptr and gmxr?
Here is my recmmendation to you now:
BUY SSN hands over fist before the capital raise ends.
If ssn manages the 4 low risk drills properly we are back in the game before this year is over
Sentiment: Strong Buy