SAMSON OIL & GAS ADVISORY ON GOSHEN COUNTY SALE TRANSACTION and NORTH STOCKYARD OPERATIONS
Denver 1800 hours August 29th, 2010, Perth 0800 hours, August 30th, 2010
Goshen County Sale Transaction
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) has been advised by the Buyer of its Denver-Julesburg Basin acreage interests in Goshen County, Wyoming, that the Buyer has completed its due diligence on the contracted for properties. The Buyer reports that, because the title defects identified are minor, it intends to proceed with a closing of the transaction on Tuesday, September 7th, the day following Labor Day, a bank holiday in the U.S. While the final settlement amount has yet to be agreed upon, based on its most recent discussions with representatives of the Buyer, Samson believes that its previous guidance on the transaction with respect to the range of funds to be received by Samson at closing remains accurate. Further advice concerning the final amount paid to Samson will be announced when the parties agree upon a final reconciliation at or before closing.
North Stockyard Operations
Fracture stimulation operations commenced today on the Gary #1-24H (37% working interest) and the first of twenty stages has been pumped. The stimulation will be a slick water frac fluid with a plan to place 150,000 lb of proppant per stage.
The Earl #1-13H (31.7% working interest) is the next well in the Nabors Rig 668 sequence, and is expected to spud September 10th.
The frac of the Rodney #1-14H (27% working interest) is currently planned for October.
SSN Price at posting:
6.7¢ Sentiment: None Disclosure: Held
