amex, page-33

Rock86

Totally agree with your assessment of SSN. The results of the 2 wells are huge at this stage of the game especially because of the lack luster results from Defender and the inability to hit the Permian trap of SOA (first attempt).

If Australia and Gretel perform SSN will be IMO a totally different company and will definitely be rerated by the market when you consider a net holding in Roosevelt of 31,000 acres.

On Dec 29th SSN came out with the following ann regarding Australia 11

“The horizontal lateral remained “in zone” for the entire lateral length and returned excellent oil and gas shows”

A good IP rate will be between 400 – 600 Barrels anything over 800 Barrels will be exceptional and it will be game on.

Gretel in fact may have a higher IP than Australia 11 if you read into TB’s last announcement on the 14th of Feb

“Significant oil and gas shows have been observed with “greenish foamy oil” being observed on the shale shakers.
The lithology of the lateral has some variation and the best shows are being recorded in a dolomitic lithology, which is possibly consistent with the geology of the adjacent Elm Coulee Oil Field.”



In the presentation TB said the geology was different from Australia 11 compared to Gretel 11, which may have some upside to the performance of the acreage and how the wells may be developed and fraced.

Good luck to all holders.

Cheers Matsim