Tuesday, June 14, 2011
Samson O&G Ltd.
Samson O&G provided operational updates.
NORTH STOCKYARD FIELD, NORTH DAKOTA
EARL #1-13H (32% WORKING INTEREST)
The work over to drill out the frac plugs on the Earl #1-13H well has been completed, and a tubing string is being run into the hole so that oil and gas production can be effected on a permanent basis. During the last phase of the work over, the well was flowing whilst pressure control equipment was being used to allow tubing to be run in and out of the hole. While this is not an ideal test condition, the well flowed at an average rate of 1033 BOPD with 1.9 mmcfd of gas during this 6 day period. Cumulative oil production for the well to date is 24,680 barrels.
The Earl #1-13H well is located in Township 154N, Range 99W, Section 13 in Williams County, North Dakota.
RODNEY #1-14H (32% WORKING INTEREST)
The work over rig that has been operating on the Earl well is expected to be moved to the Rodney #1-14H well to drill out the frac plugs in that well.
The Rodney #1-14H well is located in Township 154N, Range 99W, Section 14 in Williams County, North Dakota.
HAWK SPRINGS PROJECT, WYOMING
DEFENDER US 33 #2-29H (37.5% WORKING INTEREST)
Samson is in the final phases of contracting a drilling rig to be used to drill two wells in the Hawks Springs project. The first of these wells is the Defender US 33 #2-29H. This well will be drilled as a 4,300 foot horizontal in the Niobrara B. The horizontal portion of the well will then be fracture stimulated.
The well will be fully funded by our farminee and Samson will retain a 37.5% equity in the well.
The spud of this well is expected the first week of July.
The Defender US 33 #2-29H well is located in Township 25N, Range 63W, Section 29 in Goshen County, Wyoming.
SPIRIT OF AMERICA US 34 #1-29 (100% WORKING INTEREST)
Following the drilling of the Defender well, a vertical exploration well will be drilled to test multiple targets, in the Permian and Pennsylvanian sections. Samson is currently expecting to fund this well in its entirety. The other partners in the well have indicated that they are unlikely to participate for various strategic reasons, rather than on any technical basis. The formal proposal to participate was issued to our partners last week, and they still have the remainder of the 30 day notice period in which to elect into the well.
The Spirit of America US 34 #1-29 well is located in Township 25N, Range 63W, Section 29 in Goshen County, Wyoming.
At the Pennsylvanian level the prospect is a structural trap, mapped as a fault bounded compressional fold.
Within the 3D seismic survey previously acquired by Samson, there are numerous follow ups to these targets if they prove to be productive. Both targets are productive elsewhere in the Denver-Julesburg Basin, and Samson therefore considers them attractive add-ons to the Niobrara project. Critical risks are that the 3D seismic data has yet to be tested and also that the reservoir quality in the Permo-Pennsylvanian section is somewhat of an unknown.
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