Item 3.01 Notice of Failure to Satisfy a Continued Listing Rule or Standard
On May 26, 2016, Samson Oil and Gas Limited (“Samson”) received notification from the NYSE MKT LLC (the “Exchange”) that the Exchange hasaccepted Samson’s plan to regain compliance with certain continued listing standards. Samson will have until September 14, 2017 to regain compliance with the
applicable listing standards.
Samson’s ADSs will continue to be listed on the Exchange while it regains compliance with the applicable listing standards, subject to Samson’s compliance with other continued listing requirements. The Exchange’s notification does not affect Samson’s business operations or its SEC reporting requirements
and does not conflict with or cause an event of default under any of its material debt or other agreements.
Samson issued a press release on June 1, 2016, announcing that it had received the notice of acceptance of its compliance plan. A copy of the press
release is attached to this Current Report on Form 8-K as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
Sentiment: Strong Buy
Agree - allot of activity from this company... but foremost they are an operator now.
Sentiment: Strong Buy
SSN acquired 74 ND & 32 MT wells from Oasis. The June projections from David Ninke state that SSN essentially swapped 24 Stockyard Creek wells for 106 workable wells many in McKenzie with 100% working interest and SSN operator to pay the cost of the Oasis wells. The initial results that are preliminary show that they tripled production, 10X'd reserves, 10X'd land and leases, and that considers the sold Stock Yard Creek %. That was cleaning only 3 wells in McKenzie county. So 24 of 74 in ND and 8 of 32 in MT have been addressed in those numbers. So Ninke was substituted for the great Roger Maris 1-16H well and instead of of walking with the bases loaded with intentional pitches he crunched it.
Sentiment: Strong Buy
Reporting on the SSN acquisition of the Oasis wells is a relevant post as its the most wanted information by the oil and gas community. Samson oil and gas is an oil company who just put up a huge investment and obtained 100% working interest in 109 wells. The status of which was the subject of the post which summarized all the wells in the states of MT and ND. The R. FIELD 1-22H well in the DORE field remains the best well of the bunch. The well gas line was being brought back online and the April number was low while SSN worked to connect.
So ntc_bada_bing/Goldie/ 8 other names the post is relevant and most relevant to the oil people on this board.
R. FIELD 1-22H well has Barrels in Oil: 314,563 to date in the DORE field had and recently in January had 4,862 BO was being refreshed in April and was 3,160 BO shy from previous months or over 100 BOD with 1,702 BO. That well was back in order in May 2016 but I don’t have those numbers as the well came back on line mid-April. This well if fully on line would have been enough of a producer to put SSN over the expected 700 BOE\D from the Oasis sale. So with that well and one other that was being reworked at 65 BOD: SSN should be close to 1,500 BOE/D in May. So with that anticipated rate, the Brent oil at $51.86/BO, wells mostly Oil than gas, SSN Operations could earn the loan value in one production year at the current price.
21 of 75 ND wells (from Oasis) SSN getting them up and running
8 of 34 MT wells producing (32 from Oasis)
So 29 producing wells from Oasis were at 599 BOE/D
Samson oil & gas has 21 of 75 ND wells producing
21 ND Producing 100% 9,589 6,181 10,619
Samson oil & gas has 8 of 34 MT wells producing
8 MT Producing 100% 6,621 4,356 7,347
Samson oil & gas has 23 of 24 ND Stockyard Creek wells producing @ 30% WI
23 ND stockyard 30% 16,478 33,083 21,991
April has 32,688 BO 43,620 MCF 39,957 BOE for 1,332 BOE/D
almost 5 more
#16196 - PEDERSON 1-10H, SESE 10-152N-98W, MCKENZIE CO.
#16218 - SCHMITZ 44-35HA, SESE 35-153N-102W, MCKENZIE CO.
#16262 - R. FIELD 1-22H, NWNW 22-151N-104W, MCKENZIE CO.
#16270 - MARTINEZ 1-32H, NENE 31-151N-102W, MCKENZIE CO.
#16397 - SNUFFY STIRNWEISS 1-33H, NWNW 33-151N-102W, MCKENZIE CO.
FROM: OASIS PETROLEUM NORTH AMERICA LLC TO: SAMSON OIL AND GAS USA, INC:
#04391 - KITTELSON A-1, NESW 35-162N-103W, DIVIDE CO.
#07405 - BROWN 1-8, SWNE 8-155N-99W, WILLIAMS CO.
#11713 - DANIELSON 1-32, SWSW 32-151N-104W, MCKENZIE CO.
#12030 - FOSTER 1-32, NWNW 32-154N-101W, WILLIAMS CO.
#12730 - DAVIDSON 1, SESW 29-154N-101W, WILLIAMS CO.
#13085 - OWEN 1, NENW 30-154N-101W, WILLIAMS CO.
#13357 - KARST 1-5X, N2NW 5-150N-104W, MCKENZIE CO.
#13431 - BUXBAUM 1-6, NENE 6-150N-104W, MCKENZIE CO.
#13561 - WEST 1-31, SESE 31-151N-104W, MCKENZIE CO.
#13576 - ANDREWS 1-5, NWNE 5-150N-104W, MCKENZIE CO.
#13707 - DANIELSON 3-32, NWSE 32-151N-104W, MCKENZIE CO.
#13708 - DANIELSON 2-32, SWSW 32-151N-104W, MCKENZIE CO.
#13823 - KLEIN 23-33, NESW 33-151N-104W, MCKENZIE CO.
#13824 - FLYNN 31-33, NWNE 33-151N-104W, MCKENZIE CO.
#14614 - BERGER 1-22H, SESW 22-156N-100W, WILLIAMS CO.
#14659 - SANDBERG 1-21H, SWSE 21-156N-100W, WILLIAMS CO.
#14707 - TOMMY 1-20H, SESE 20-156N-100W, WILLIAMS CO.
#14723 - KERMIT 1-13H, SWSW 13-155N-101W, WILLIAMS CO.
#15433 - KARST 13-5, NWSW 5-150N-104W, MCKENZIE CO.
#15511 - RUTH 1-23, NWNW 23-150N-102W, MCKENZIE CO.
#15523 - LINDVIG 44-11H, SESE 11-152N-101W, MCKENZIE CO.
#15529 - FORTHUN 2-1, SESE 1-151N-101W, MCKENZIE CO.
#15533 - MOEN 12-2H, SWNW 2-155N-99W, WILLIAMS CO.
#15541 - AARON 1-22, NWNW 22-150N-102W, MCKENZIE CO.
#15551 - LINK 13-2H, NWSW 2-150N-102W, MCKENZIE CO.
#15556 - BONDS 1-24H, NWNW 24-150N-102W, MCKENZIE CO.
#15584 - MANTLE 1-21H, SESE 21-150N-102W, MCKENZIE CO.
#15586 - LYLE 1-35H, NWNW 35-152N-101W, MCKENZIE CO.
#15587 - KILLEBREW 1-28H, NWNW 28-150N-102W, MCKENZIE CO.
#15588 - ROBINSON 1-17H, SESE 17-150N-102W, MCKENZIE CO.
#15594 - SCHMITZ 44-35H, SESE 35-153N-102W, MCKENZIE CO.
#15595 - MARIS 1-16H, NWNW 16-150N-102W, MCKENZIE CO.
#15596 - TIMBER CREEK 1-34H, SESE 34-152N-101W, MCKENZIE CO.
#15599 - SOSA 1-15, SESE 15-150N-102W, MCKENZIE CO.
second to see all
Move to draw US inventories down.
3 new start-up rigs today in ND. Rigs from 25 to 28
* MIRU Moving In Rigging Up
NABORS B10 XTO ENERGY INC TAT STATE FEDERAL 14X-36A file 30829
NABORS X28 HESS BAKKEN INVESTMENT II HA-ROLFSRUD- 152-96-1720H-8 file 32604
CYCLONE 38 CONTINENTAL RESOURCES BRANGUS NORTH 1-2H2 file 32606
Somebody call $50 per barrel tomorrow.
zombie looser these 30 wells in Montana are a subset of the 100 wells acquired from Oasis.
The post clearly states wells that are over 1,000 BOE (Barrels of Oil Equivalent) per month.
One of the wells posted is at 939 Barrels of oil in 31 days of March 2016 which equates to 31 BOD.
These top producers are 30-40 BOD... that's all. This isn't a pump just the facts directly from Montana state production.
I apologize to the SSN board for giving you credit for being an English major; but apparently that was giving you too much credit as you are obviously not an oil person or an English major.
The Oasis acquisition wells is said to be 720 BOD net. Samson oil and Gas has to bring wells back online to make that figure.
Samson Oil and Gas has 30 new wells 100% working Interest in Montana
Here are the ones over 1,000 BOE per month.
SSN Well Montana _ BO _ MCF _ BOE
State 14-16H _ 1,440 _ 261 _ 1,484
G. Martin 1-1R _ 1,295 _ 666 _ 1,406
Tininenko 24-24H _ 1,231 _ 209 _ 1,266
Berwick 1 _ 1,098 _ 813 _ 1,234
Federal C-17 _ 1,095 _ 1,043 _ 1,269
Federal 1-17R _ 939 _ 899 _ 1,089
Samson Oil acquired 51,305 net acres of oil and gas leases in the Foreman Butte field 100% Working Interest in 41 producing wells. Oasis operated 12 of the wells continually through the transaction period the remaining were managed with most of the remaining being shut-in with the anticipated average is 720 BOD. The Matthews 1-13H well needs a work-over rig to put a sleeve in at the Radcliff formation and that rework would bring back the 850 BO per month well. The Gehrig 1-24H was reworked by Oasis and is back to 850 BO in March. Samson Oil needs to start these wells back to life to get to the 720 BOD out of this field.
Better news is that the Earl well has produced 308,597 BO with MCF Gas: 485,623 in Stockyard Creek and is still running strong.
Even better news David Ninke is back from his fishing trip in British Columbia and is working the newly acquired wells in the Foreman Butte field.
More like SSN had a wedge to the for an EAGLE attempt and they shot and ball is still caught up in the wind and hasn't landed on the green yet. No Filing of detail on SSN site, SEC, or North Dakota state site. there are a dozen wells with production that was stopped a year ago. So there is promise, but waiting on specifics before scoring the hole.
SSN doesn't even sound convincing but they received confirmation from its primary lender of its willingness to expand Samson’s borrowing baseup to $30.5 million to enable the acquisition of the targeted producing properties in the Williston Basin. This expansion is conditional upon closing the acquisition and subject to acceptable final
documentation. Samson currently expects to close the transaction before the end of the current quarter.
That ends Thursday this week.
Still making $12.80 per BOE and can sustain with current interest and lien notes thru 2018.
Average daily production—Boe (1) 41,542
Average price per unit (2) :
Crude oil price—Bbl $ 42.63
Natural gas price—Mcf $2.22
Natural gas liquids price—Bbl $9.35
Total per Boe (1) $36.17
Average cost per Boe:
Lease operating $6.83
Workover and other $1.38
Taxes other than income $3.22
Gathering and other $2.66
General and administrative:
General and administrative $4.83
Share-based compensation $0.96
Year 2019-2020 will be tough will need $60/bbl or refinance
Notes due in 2019-2020 in thousands
Senior revolving credit facility 62,000
8.625% senior second lien 2020 (1) 700,000
9.75% senior notes due 2020 (6) 340,035
8.0% convertible note due 2020 (7) 289,669
Interest expense on long-term debt (8) 508,573
Operating leases 15,858
obligations in 2019 1,916,135
The Patterson rig just moved onto the 8th well to complete the lateral of Fort Berthold well FB 152-93-7C-6-10H.
The other seven wells have both the Vertical and Horizontal portion of the well drilled already. After the last well has the Horizontal portion drilled Halcon will schedule the fracture stimulation for all eight wells. Production is expected from the Vermejo Pad starting in the beginning of May 2016. each of the 8 wells run from the South to the North under the Missouri River by approximately 25%; making them a higher working interest percentage well. These border the Antelope field but are in the Four Bears field . Good production numbers on the way.