joint venture, page-24

Hey Acreage

When SSN announced to the market regarding the proposed development of the 2 appraisal wells in the first quarter of 2011, I believed a JV deal was close.


The companys preferred development strategy for the retained leasehold, referred to as the Hawk Springs project, is to farm-down a small part of its retained interest to a strategic partner.
Ongoing discussions with prospective strategic partner(s) continue to progress "AND AS A RESULT, SAMSON IS ACTIVELY ADVANCING ITS DEVELOPMENT PLAN", which comprises three steps


1. The acquisition of 3-D seismic data


2. Following the processing and interpretation of the acquired data, Samson expects to
drill two appraisal wells in the field, currently scheduled for the first quarter of 2011

If the wells perform as expected, (TB believes EUR 413MBOE) then the project would transition to full-field development.


3. Full-field development would be initially planned as a single rig operation and build to a second drilling rig as results and market conditions warrant.


SSN in my view wouldn't be actively advancing its play in the Niobrara if they weren't close to doing a JV.

Chesapeake is my first choice as they are already developing the acreage bought from SSN and CEO Aubrey McClendon expects a new joint venture early next year in 2011 in Wyoming.

It may or may not be CHK, all I have done is try to put two and two together.