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Samson Oil & Gas Limited Message Board

  • logantrader1960 logantrader1960 Sep 19, 2013 8:58 PM Flag

    Proven Reserves?

    Interesting clip they posted this evening. SSN says proven reserves worth $39.6 Million using the NYMEX Pricing and weighted down to $34.1M due to the recent sale to Slawson.

    OK I have no reason not to believe the report, but I must ask with a current market cap of $53M where does that leave value to the share holders knowing that they have to spend money to get it out of the ground? I know they have some cash on hand, but the figures are way off if you compare this to a normal E&P company. Usually you will see proven reserves 7-10 times current market cap, but I believe this is the first time I ever saw a negative market-cap in correlation to proven reserves.

    Sentiment: Strong Sell

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