Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) provides advice on its current projects. ROOSEVELT PROJECT, ROOSEVELT COUNTY, MONTANAGretel II 12KA 3 #1-30H, (SSN 100%, subject to a 33.34% backin right) The Gretel II fracture stimulation of the Bakken Formation was successfully completed on March 28 th utilizing the sliding sleeve frac method. 1.7 million pounds of proppant was pumped into 20 stages. This represents a 65% increase in the amount of proppant pumped into the formation as compared to the amount used in the Australia II well. The larger volume of proppant pumped was enabled because the reservoir quality was better and was able to accept larger volumes of proppant because of lower treating pressures than that experienced in Australia II. Some design modifications were also used based on the experience gained in Australia II. Two fracture stages were abandoned after a frac plug was set in the vertical part of the well. This plug and the perforating gun will be recovered when the well is worked over next week. This operation will drill the 19 ball drop valves. The well commenced flowing back at a rate of 1440 BFPD (all frac water) on Wednesday (March 28 th) evening. Australia II 12KA 6, #1-29H, (SSN 100%, subject to a 33.34% back-in right) The work-over rig successfully retrieved the stuck perforation gun out of the wellbore and is currently drilling out the remaining frac plugs. Following this clean out operation, a production string will be run to prepare the well for the rod pumping equipment. Abercrombie 1-10H (SSN 0.75%) The Abercrombie well is currently waiting to be fracked by the operator. The frac job will consist of pumping approximately 2.9 million pounds of proppant into 29 stages. Samson and its partner FPEC have elected into this well to the extent of a combined 1.125% equity. Of this, Samson has a 2/3rds interest, or 0.75%. The Samson-FPEC interest derives from leases that FPEC and Samson own at the northern extent of the spacing unit.
Investors may be too focused on U.S. stocks and China's selloff to notice Puerto Rico's troubles, but the commonwealth's problems are worsening, warns George Schultze, CEO of Schultze Asset Management.