The east 1/2 of the FPEC (Roosevelt cnty, MT) SSN leases is east of the southeastern shear plane of the long Brockton fault where the famous Elm Coulee fields end. CLR has some good wells around that area. The pay zones are (top-- down) Madison group 150', Bakken group 40' (mid Bakken is thin in here), 3-Fork group 120' min., Nisku (Bird Bear) is 50' then Red River about 100'.
The farm-in calls for Madison group, mid Bakken and Red River groups, but did not mention the thick 3-Fork and Nisku groups. I guess SSN have the depth rights when they bought the FPEC leases 3 years ago. The thick 3-Fork and Nisku pay zones in eastern MT are being explored by CLR and BEXP with some success, may be SSN wants to retain these pay zones for itself. The Madison and Red River groups are conventional targets (i.e. traps, pockets and chambers), cheap hit-or-miss vertical wells.
If this farm-in goes well, then SSN will have some good cash and 33% RI, from 7500 acres (out of 30,000 acres). I am wondering if SSN will partner with some one (Momentus? CLR?) to explore the thick 3-Fork & Nisku groups, which are more promising.
I am wondering if SSN will partner with some one (Momentus? CLR?) to explore the thick 3-Fork & Nisku groups, which are more promising. Less
u be full of it joeC... I`d appreciate any verifiable DD on Momentus... One word describes this,,,,,, """"Desperation"""""...remember BREX joeC?????? tell tb not to take any helicoter rides...
BTW, rspen, BRE-X the penny stock made me tons of money back in 1994 & 1995. I sold out BREX in 1995 to buy MSFT which I sold out in 2001 way off the peak. Anyway, that was a lucky penny stock gambling from the begining.
" Bre-X was a group of companies in Canada. A major part of the group, Bre-X Minerals Ltd. based in Calgary, was involved in a major gold mining scandal when it reported it was sitting on an enormous gold deposit at Busang, Indonesia (on Borneo). Bre-X bought the Busang site in March 1993 and in October 1995 announced significant amounts of gold had been discovered, sending its stock price soaring. Originally a penny stock, its stock price reached a peak at CAD $286.50 (split adjusted) in May 1996 on the Toronto Stock Exchange (TSE), with a total capitalization of over CAD $6 billion. Bre-X Minerals collapsed in 1997 after the gold samples were found to be a total fraud. "
SSN is a real penny stock but it is producing oil, not a total fraud nor scam. But I sold out in 2011 @ $3.75 avg, then back in 2013.
I guess you really do not have any idea of oil/gas deal making biz. This is a typical farm-in where the un-proven reserves need to be de-risked, a wildcat driller and lease/land owner (may it be a rancher) make a deal to drill test wells. SSN happens to be the leaser. I made several of similar type of deals on our corporate leased land in La & TX 4 decades ago, we were not desperate, and made good money when oil flows. If the test wells were dusters, we lost time & lease fee.