Refreshing my memory on SSN projects, I've started with this project. I guess my notes would help fellow holders.
Things that I've missed please let me know. ======
- Located in the Williston Basin in Renville and Ward Counties - Samson owns an average 25% working interest in 25,040 acres or ~6,260 net acres. - Stephens is the operator - 3-D seismic survey was performed on the acreage. - Well depth approx 4700' - Net cost to SSN per well is 250K
FORFAR PROSPECT - Is the first prospect to be drilled as identified from the 3D Seismic interpretation - Prospect is made up of ~420 acres - Potential for up to 10 vertical wells drilled on 40 acre spacing units - Wells are 4,700 feet deep, gross cost $1.1 million. - Contingent resource of 3 million barrels of oil gross. - Valued $15 million net to Samson.
Progress Reports - Matson #3-1 First well to be drilled in the Forfar Prospect. - Well approved on May 10. - See below well status. Currently on confidential status. - Drilling contractor CanElson USA - Well was due to spud 10th June. Due to heavy rain spud date has changed to 20th June. - No further communication from company on well status.
Project Potential We still don't know the full potential of this project. Only a single prospect has been identified in an area of 420 acres. It would be great to know how many more prospects and wells are possible.
Still in the initial exploration phases, Initial prospect has potential for 3 MBOE. Would be great to book them into the reserves.
SSN Price at posting:
2.2¢ Sentiment: None Disclosure: Held
