Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) provides advice on its current projects. HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMINGSpirit of America US34 #2-29, (SSN 100% WI) The Sprit of America #2 well has been drilled to the intermediate casing point of 9,140 feet, 70 feet deeper than the point at which the first well was abandoned, prior to penetrating the two 3D seismically defined targets. The troublesome salt section that caused several stuck bottom hole assemblies in the initial well has been successfully drilled using a heavy weight, oil based mud system along with a very conservative drilling approach being applied to the salt section. The well bore has been assessed as “in excellent condition” after it was extensively conditioned having reached the intermediate casing point. The rig is currently running the seven inch casing string. Following the cementing of that string, the well will be drilled to an expected total depth of 10,750 feet. Drilling operations are expected to re-commence late Friday this week, following the completion of this casing operation. Defender US33 #2-29H, (SSN 37.5% WI) A jet pump was installed in the Defender US33 #2-29H and the well has produced daily oil rates between 15 and 236 BOPD (normalized basis assuming a full 24 hour up time). Discounting the early “flush production” the well has produced at an average rate of around 50 BOPD. We are in the process of running bottom hole pressure gauges to optimize the jet pump operation which by design has several parameters (including the use of oil or water as the power fluid) which may be varied to achieve this optimization. This process will take a couple of weeks since each parameter change takes a day or two to evaluate. ROOSEVELT PROJECT, ROOSEVELT COUNTY, MONTANAGretel II 12KA 3 #1-30H, (SSN 100% WI, subject to a 33.34% backin right) The work-over has been completed on Gretel II, all of the frac sleeves have been drilled; and the production tubing, rod pump and sucker rods have been installed. All of the surface equipment, tanks, beam pump, separator and heater-treater are on site and are expected to be installed in the next two weeks, after which production will be initiated.
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.