Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN):
NORTH STOCKYARD PROJECT (Samson 50% operated working interest)
Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises that drilling operations continue on the Billabong 2-13-14HBK. The well has been drilled vertically to a kick off point at 10,804 feet (MD/TVD) and presently completed the curve at 11,950 feet (MD). The Upper Bakken Shale formation was logged at 11,500 (MD). Gas levels rose sharply through the Upper Shale, increasing from a background of 200 units to over 900 units. Abundant oil staining was observed in samples taken from the Upper Bakken Shale and the Upper Middle Bakken silty sandstone. Currently we are preparing to set 7 inch casing at 11,321 feet (TVD) in the top of the Middle Bakken in preparation to drill the 6,100 foot lateral in the Middle Bakken Formation.
About Samson Oil & Gas LimitedSamson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 2,326 million ordinary shares issued and outstanding (including 97,307,525 million options exercisable at AUD 3.8 cents), which would be the equivalent of 116 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.46 per ADS on July 25th, 2013 the Company has a current market capitalization of approximately US$54.4 million (the options have been valued at an exchange rate of 0.9164). Correspondingly, based on the ASX closing price of A$0.023 for ordinary shares and a closing price of A$0.012 for the 2017 options, on July 25th, 2013, the Company has a current market capitalization of approximately A$54.66 million.
SAMSON OIL & GAS LIMITED