Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) provides an operational advisory. South Prairie 3-D Project, Williston Basin, North Dakota (SSN 25% WI) Acquisition of the South Prairie 3-D seismic survey, located on the eastern flank of the Williston Basin in North Dakota, commenced on October 12th. As of October 14th, 15% of the survey has been acquired. It is currently anticipated that all 77 square miles of the 3-D seismic survey will be completed ahead of schedule by the first week of November. Samson has a 25% working interest in 23,879 net acres within the South Prairie 3-D survey. Potential reservoirs include the Mississippian Mission Canyon Formation and the Devonian Nisku Formation. Several leads were initially identified through 2-D seismic and well-control mapping. These leads will be verified by the 3-D seismic survey after the data has been processed and interpreted in the 1 st quarter of 2013. After the 3-D data has been evaluated, the first well is planned for the 1 st quarter of 2013. The leads identified on the existing 2-D seismic data appear to be similar to the oil field immediately adjacent to the north of the project area. Wells in this analog field have demonstrated recoveries of between 260,000 and 450,000 barrels of oil when drilled at the crest of the structure. Additional Mission Canyon fields along trend have demonstrated recovery of as much as 900,000 barrels of oil per well when located on the crest of the structure. The 3-D seismic is expected to deliver excellent structural control, allowing wells to be similarly located at the crest of potential structures. Drilling costs are approximately $1.1 million per well, which allow for attractive rates of return. Samson’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 1,996 million ordinary shares issued and outstanding (including 231 million options exercisable at AUD 1.5 cents), which would be the equivalent of 88.25 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.91 per ADS on October 15th, 2012 the Company has a current market capitalization of approximately US$87 million. Correspondingly, based on the ASX closing price of A$0.044 on October 15th, 2012, the Company has a current market capitalization of A$84 million. The options have been valued at their closing price of A$0.026 on October 15th, 2012 and translated to US$ at the current exchange of 1.0216 for purposes of inclusion in the US$ market capitalization calculation.
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