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Samson Oil & Gas Limited Message Board

  • logantrader1960 logantrader1960 Aug 13, 2013 3:53 PM Flag

    From the quarterly report

    I know many of you don't really care about the financial health of this company and momentum / manipulation is about the only thing that keeps it going. I also notice nobody ever comments on the quarterly reports and there is a reason why this is never mentioned from the supposed longs. So while reading the latest 7/31/2013 report a few things need to be mentioned.

    1. Production is still in decline. No surprise here its been on the decline for years.
    Total US sales $1.294M July 2013 Quarter / Total US sales $1.678M March 2013 Quarter -33% (Page 6)
    2. Barrels of oil produced 13,462 VS 17,744 (Page 6 )
    3. Sales of product $1.495M Net operating cash flows #$%$280M July 2013 Quarter (Page 8)
    4. Cash at end of quarter $13.349M Cash on hand from previous quarter $16.359M (Page 11)
    5. On page 9 it shows the issuance of shares @ $1.938M This was added to their cash on hand to make the 13.39M which is no surprise again, but it shows that the issuance of shares is the lifeline for SSN.

    IMO all I can say is this company is burning through more cash at a quicker pace than in the past and what is mainly due to declining production. Their G/A expenses are now over 1M a quarter than their revenue (page 8). The Roosevelt would have propped them up a bit and helped with drilling more wells, but now you have a drill string broke off 10K' in the hole, declining production and no sale of the Roosevelt.

    Sentiment: Strong Sell

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