As previously advised Frontier Rig 24 has been mobilized to the North Stockyard Field, where it has set and cemented the 9-5/8 inch surface casing at 2,325 feet on the Duckstein 1-13-14H TF location. The rig was then skidded to Billabong 2-13-14H BK location and the 9-5/8 inch surface casing was set and cemented at 2,325 feet.
Frontier Rig 24 is skidding to the Sail and Anchor 4-13-14H BK surface location to drill the surface casing hole. Once surface casing operations conclude at Sail and Anchor 4-13-14H BK the rig will skid to Blackdog 3-13-14H TF.
In line with current industry practice in the Williston Basin, Samson is utilizing a “pad drilling” technique. The two middle Bakken and two Three Forks well heads referenced above are located on a single drilling pad, each well head is 50 feet apart. The rig is set up on a rail system that allows it to be pushed by hydraulic rams from one well head to the adjacent well head. The electric and hydraulic services used to power the rig are not moved but attached to the drilling rig by way of flexible connections. The cost advantages of using this type of operation are that each of the three stages in each well are drilled using a different mud system, drill pipe and casing sizes. Transitioning between these three drilling stages requires non-productive change over periods for these systems, often accounting for days of rig downtime. In the fracturing stage of the operation having the completed wells 50 feet apart, means that simultaneous operations can be undertaken, that is, one well can get perforated whilst another is receiving a frac treatment. This saves considerable down time, on either the pump services or the wireline services.
Why didn't you spin the news on the offering being extended?
The offering has also been extended. Why? Because there is not enough takers. As previously reported not only can they get current bag holders to buy more the stock is dropping like a rock and nobody in the right mind is going to buy. What does that mean? That means the price now is down 30% from the original offering and that is 30% less money they banked on. Desperation moves now re-posting old news and extending offering.