I posted this on another thread but would be interested in comments from todays Enercom presentation.
1. Sale amount due early SEP USD$76.7m looks to me like the SEP final deal price. As Samson in their valuation state "US$66.7m" from deal and we have already got the $10m. I assume we can now beleive the final small amount to tidy up by Dec 2010, is around US$2-3m. I also note there is no deal price spread now mentioned...just the USD$76.7m (in total)...ie: No mention of $61m.
2. The Acreage Buyer. Interesting map page 17. Noble acreage shown for first time and also put in key.
Current Noble (NBL) acreage is *dotted* amoungst the area where we sold the 24,000+ acres. This would make good sense as the Samson sold acreage would join many of these spacings/acres together as many of Samsons lower southern leases were patchy and not in large blocks. (now we know it's Noble in same place)
What I noticed, also of interest was that EOG has stated they plan on divesting a net Niobrara 20-30,000 acres. They have a small rectangle that used to show as being attached to the $$N sold acreage (SSN have removed that from todays pressy map - also signalling a done deal imo), and I've done a calculation and it's around 23,000 acres.
Just my thoughts, but I get the feeling the buyer is more and more Noble. Their Market Cap is US$12.1b and are the largest Niobrara acreage holders.
they would fit the "large" bill easily and have some of the best results in Niobrara already.
look forward to some thoughts, it was a good day or should I say last 1/2 hr.
SSN Price at posting:
7.0¢ Sentiment: LT Buy Disclosure: Held
