SSN update from Nth Dakota

SSN quarterly has certainly highlighted the impact of 50% fall in PoO. To paraphrase - it was the fall we had to have.  For past few years, shale oil investments reminded me of dot.com era, just get acreage, rely on nearology and tarty up presentations with sexy jargon to tap into investor pockets.  Blind greed was insidious from mgment to mums 'n' dads.

Whilst SSN is now fighting for survival, (IMO) I think SSN is now smarter wrt to managing / planning production and associated costs. Admin costs (for me) remain contentious.

Below are Daily Report updates provided NORTH DAKOTA INDUSTRIAL COMMISSION:

1. DATE: APRIL 28, 2015 DAILY REPORT: 16800
WELLS APPROVED FOR “TIGHT HOLE” STATUS:
#29192 - CONTINENTAL RESOURCES, INC., RENNERFELDT 7-30H, SESE 19-155N-98W, WILLIAMS
CO.,   BAKKEN
#29193 - CONTINENTAL RESOURCES, INC., RENNERFELDT 6-30H1, SESE 19-155N-98W, WILLIAMS
CO., BAKKEN
  PRODUCING WELL COMPLETED:
#27915 - SLAWSON EXPLORATION COMPANY, INC., BOOTLEG 7-14-15TFH, NESW 14-154N-99W,
WILLIAMS CO., 1288 BOPD, 3680 BWPD - BAKKEN

2.  DATE: APRIL 30, 2015 DAILY REPORT: 16802
SLAWSON EXPLORATION COMPANY, INC., IRONBANK 6-14-13TFH, NESW 14-154N-99W, WILLIAMS
CO.,  272 bopd, 1638 bwpd - BAKKEN

3. DATE: MAY 1, 2015 DAILY REPORT: 16803
#28980 - SLAWSON EXPLORATION COMPANY, INC., IRONBANK 7-14-13TFH, NESW 14-154N-99W,
WILLIAMS CO., 947 bopd, 2025 bwpd - BAKKEN

Of course, the above merely indicates early flow rates (conditions not specified) and decay curves are all important. None the less, SSN partners (Slawson, Continental) have drilled potentially productive wells. This all bodes well in SSN favour when seeking funding and hedging. SSN will need to expand production footprint to maintain >1000 BOEPD. Seems SSN break even modelling (for Rainbow) is based on $50 / b. From recent SSN presentation at IPAA OGIS New York,  Terry and gang, with announcement of new Rainbow drilling in Jan 2016,  consider OPEC war on shale oil is over. From P33 of IPAA: "Samson well down the track of acquiring a very attractive conventional play."

Agree with Rob79 and cmonaussie that 10Q should clarify SSN financial situation and my thanks to both of you for your informative and instructive input.

For me, the ONE missing ingredient, is the apparent lack of faith shown by mgment. Happy to hold out hand but not to invest in companies future????? Why the lack of faith?

Good luck and hope you and your families have not been hurt / impacted by recent weather,

MS