Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) provides operational advice on its Hawk Springs and Roosevelt Projects. HAWK SPRINGS PROJECT, GOSHEN COUNTY, WYOMINGSpirit of America US34 #2-29, (SSN 100% WI) Frontier Rig #11 is currently rigging down on Spirit of America #2 well. 148 feet of the Permo-Penn section was perforated. A total of 307 barrels of fluid were swabbed in at rates of up to 10 barrels of fluid per hour. An oil cut of approximately 20% was realized in the swabbing process. The oil gravity was measured at 33 API and contained a very low sulphur content (0.23%). The forward plan involves moving a workover rig onto the location and the well will be fracture-stimulated in effort to improve the productivity of the reservoir. Defender US33 #2-29H, (SSN 37.5% WI) The jet pump test on the Defender well was successful in that the designed bottom hole pressure was achieved. During the test period the oil rate averaged 26 BOPD. The wellbore was last cleaned out on November 16 th, 2011 and the forward plan is to ensure the horizontal section of the wellbore is clean and free of sand and debris, which may be impeding flow, and then put the well back on rod pump. ROOSEVELT PROJECT, ROOSEVELT COUNTY, MONTANAAustralia II 12KA 6, #1-29H, (SSN 100%, subject to a 33.34% back-in right) The well is currently pumping and has been on-line for 16 days. The oil rate has ranged from 244 BOPD to 48 BOPD and has cumulative to date production values of 2,526 BO and 10,688 BW. Comparing the Australia II short lateral with 13 frac stages to twelve offset wells operated by four different companies with 10,000 foot laterals and 30 frac stages, Australia II is producing at comparable volumes typically seen in the eastern Montana Bakken oil play.
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.