The Foreman Butte sale has definitely got a bad smell about it. It doesn't fall over three times otherwise. Typical of Terry Barr however to gloss over over the matter and keep shareholders in the dark. Ssailor, I get no pleasure from the demise of Samson, in fact the opposite. This was once a very exciting oil and gas play with enormous potential. Unfortunately the Company was badly led and wasted a huge amount of money on exploration wells which proved worthless rather than shoring up their existing producing and profitable plays. Barr's legacy was that he sold explration tenements to Chesapeake for $70 million and then proceeded to waste the lot, plus more, on numerous non producing wells. It has gone from $70 million in the Bank to debts of $40 million and absolutely nothing to show for it apart from lining the pockets of the directors.
SSN Price at posting:
0.2¢ Sentiment: None Disclosure: Held
