Samson Oil & Gas Limited SSN - Huge Oil Well Results in Bakken Shale

Shares of Samson Oil & Gas Limited (SSN) are indicated up atleast 10% in pre market ( $0.71 ) this morning after the company released news of a positive oil well overnight. Check out my Samson Oil & Gas article I wrote Friday morning - Click Here

Samson Oil & Gas Reports 2,936 BOEPD from Gene 1-22H

Samson Oil & Gas Limited (SSN) provides operational advice on the Gene 1-22H well located in Williams County, North Dakota.

Gene #1-22H (30.6% working interest)

The initial flow back results which emerged from the Gene #1-22H pointed to a sand plug having developed within the well bore. This conclusion came from the observation that the Easter Sunday rate of 1,112 BOEPD rate from the toe end of the well was not surpassed when the balance of the frac job had been completed.

In the eight hour period following the completion of the clean out operation the well flowed at an average rate of 2,406 BOPD and 3,180 MSCFD for a combined rate of 2,936 BOEPD. The current operation is running a tubing string after which the well will be placed into production.

Full Article Here

Samson Oil & Gas is also very active in the Niobrara Shale play located in Wyoming.



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Samson Oil & Gas SSN Bakken Shale Potential

By Tim - http://stockstobuy.org

Shares of Samson Oil & Gas (SSN) have been on fire this month on news of a positive Oil well out of the Bakken Shale. The Gene #1-22H well, which is located in Williams County, North Dakota, is producing 859 BOPD with a gas rate of 1,010 MCFD which is 1,027 BOEPD. Samson has about a 31% interest in this well. Good for a little company with a market cap of only 50 million.

This well is adjacent to 2,000-3,000 BOEPD wells from Brigham Exploration Co. (BEXP). Samson will continue to work the Gene #1-22 with hopes that when finished, the well can be an even bigger producer.

It doesn't stop there! Samson Oil and Gas plans to drill another well nearby in May 2010. In total, there are 5-6 potential wells to be drilled in this spacing.

On top of all of this good news from the Bakken Shale, the company also holds 100,000 of high potential acreage in the Niobrara Shale. I will have more on the potential of this shale play in the coming weeks.

As for SSN Stock. Shares have recently declined to under $0.70 after hitting $0.91. I am holding a small position for the long term and plan to double my position IF the stock breaks up through $1.00. After that, I plan to add again IF the stock breaks to a new 52 week high currently located at $1.09.

Samson Oil & Gas is a risky stock right now and is very volatile. I think the risk reward is high for the long term but I am going to let the share price tell me when to buy more stock.

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