Samson Oil & Gas Limited (AMEX: SSN) (ASX: SSN) today lodged its December 2008 Quarterly Report for the quarter ended December 31, 2008. A copy of the report is available in full on the company’s website (www.samsonoilandgas.com).
HIGHLIGHTS
FINANCIAL
- Cash reserves at AUD 3.2 million, after an investment of AUD 0.6 million in the completion of two producing wells.
- Cash receipts from sales for the quarter of AUD 2.0 million.
- Net cash flow of AUD 1.5 million from production despite lower commodity prices.
- Oil and gas production for the quarter is lower than the previous quarter, primarily due to an isolated operational problem associated with the State GC #1 well in New Mexico.
OPERATIONAL
- Sabretooth Prospect, (onshore Gulf Coast Basin, Brazoria County Texas): the Davis Bintliff #1, which was initially tested at rates up to 6.2 MMcf/d and 74 bopd constrained by a small choke size from a Middle Oligocene Trans-Vicksburg sand, was put to sales in mid January 2009 at an initial rate of 3.3 MMcf/d with 40 bopd.
- North Harstad Oil Field (Williston Basin, Wyoming): the Leonard #1-23H was deepened to investigate the Upper Devonian-Lower Mississippian Bakken Formation and successfully completed as a 5,200 foot lateral in the Middle Bakken, with an initial flow back rate (un-stabilized) of 820 bopd.
- Five additional proved undeveloped drilling locations within the North Harstad Field defined as a result with Samson’s equity at around 33%.
Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Receipts are traded on the American Stock Exchange under the symbol "SSN", and each ADR represents 20 fully paid Ordinary Shares of Samson.
For and on behalf of the board of
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Statements made in the presentation that is available on Samson’s website that are not historical facts may be forward looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.”
Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities.
A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the Company's registration statement and report to the Securities and Exchange Commission on Form 20-F, as amended, a copy of which is available at www.sec.gov/edgar/searchedgar/webusers.htm.
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994 (US
office)
US cell: 970-389-5047