From the Motley fool http://www.fool.com/investing/general/2011/03/22/3-stocks-approaching-greatness.aspx Dirt cheap? Investors hear a lot about the various shale plays out there in the oil and gas field, the Marcellus, Bakken, Haynesville, Fayetteville, and more. The latest one that's gaining a lot of attention is the Niobrara, a spit of land in the Denver-Julesberg Basin, which goes from northeastern Colorado through southeastern Wyoming and into southwestern Nebraska. Samson Oil & Gas (NYSE: SSN ) is expanding operations there, trying to make good on the promise of Devon Energy and Chesapeake Energy (NYSE: CHK ) , both of which also set up shop. A play you don't hear too much about these days is the Austin Chalk, a longtime oil- and gas-producing tract near San Antonio. Lying just above the Eagle Ford Shale (another big name), this formation was first exploited as far back as the 1920s. Today, Evolution Petroleum is just one of a handful of companies working the space. Others include Swift Energy and Anadarko Petroleum, suggesting it won't be long before we're chalking this area up as another hot prospect.
From PYM announcement Anadarko Petroleum Corporation (NYSE: APC) (?Anadarko?) has leased a large amount of acreage to the west and contiguous to leases held by Pryme and its partners in the Turner Bayou Chalk project. This interest in our immediate area from one of the world?s largest independent oil and gas exploration and production companies is encouraging and provides support for our strategy and interpretation of the Austin Chalk and deeper plays within our leases. The acreage map below illustrates the known Anadarko acreage position in relation to the approximate lease position of Pryme and its partners. It is possible that Anadarko?s acreage position is larger than is shown below as leases are not filed as public record. ?Whilst Anadarko?s lease position is significant, we believe that, based on our interpretation of our 3D seismic survey and the results from the Deshotels 20-H No.1 well, we have secured the heart of the play,? said Justin Pettett, Pryme?s Managing Director. ?We feel it?s possible that fracturing in the Austin Chalk is more likely to occur in the thinner parts of the formation and that, as a result, these sections of the formation exhibit greater prospectivity.
SSN Price at posting:
18.5¢ Sentiment: Buy Disclosure: Held