Ann: Foreman Butte Project Update, page-24

What do you think Gunna means by economic @$20?

On the basis on last 6 months of reporting, SSN produced net 104,644 Bbls of oil
LOE expenses were $22.94 per barrel of oil
Production taxes were $4.25 per barrel of oil

Call it "Lifting Costs" of $27.19 per Bbl of oil produced
but lets not forget to add in corporate costs

G&A expenses were $20.61 per barrel of oil
Interest expenses of $578,874 / 104,664 = $5.53

Call it "Total Production Cost" = $53.33 per Bbl of Oil (more if we include hedging costs)

and finally add in the remaining DD&A expense (because only expensing the capital to acquire, drill, complete and tie in the well over time) of $8.42

SSN total cost of supply > $60 per Bbl oil


That economic at $20 is found in "Wonderland" - as I'm gunna do this, and I if I actually did, I wonder what would happen on our land.

Thank goodness oil keeps creeping up (unfortunately SSN oil production keeps creeping down)