TB wont be putting himself out of a job .... somebody else will!
The responsibility for the failure of Samson Oil and Gas lies directly with TB and no one else. Even his bio touts "... Mr Barr has specialised in tight gas exploration, drilling and completion and is considered an expert in this field" . As an operator, SSN is a failure. As an "explorer", SSN is a failure. As an investor and manager of shareholder capital SSN is a abject failure.
Reminders: Home Run Field (aka Foreman Butte) - OPERATOR - this was supposed to be the transformation - yep that acquisition should have saved SSN (the financials supported it) but failed execution brought us to where we are now ... NOT LOW OIL PRICES. I switched from strongly negative (for which I and others copped a lot of abuse from critics now silent) to mildly positive on the numbers they put out early on. Now those numbers simply point to poor operator execution.
Roosevelt County - EXPLORER - the expert who thought he knew more than the Bakken wildcatters. Pushing the boundaries of the Basin. There was a reason why it was cow pasture and not a Elm-Coulee or Parshall Field lying beneath. Maybe not such an expert after all (I guess it did say gas and not oil). Similar things could be said about Hawk Springs, Cane Creek (what a waste of capital given its drilling costs and that all available capital should have been directed towards Home Run).
Capital Manager - Good grief Charlie Brown!!! Might just dedicate a whole thread to this baby. How about I just limit to this 1 simple observation. The contributed equity capital (book value) over SSN's history is just shy of $100 Million. The book value of this equity is now just shy of $1M. Over time SSN has accumulated losses of $105.7M. If that doesn't add up to shareholder value destruction - a >99% loss of capital then nothing does.
Have mercy on us.
SSN Price at posting:
0.2¢ Sentiment: None Disclosure: Held
