email from terry, page-11

2011 for SSN has been a great year where they purchased the Roosevelt project for an estimated price of $200 per acre with an option to purchase an additional 20,000 acreage for an equivalent price.

It gives SSN another opportunity to add to their portfolio from the cash sale of the Niobrara leases.

With the initial drilling results for the Australia 11 looking very promising the Bakken yet again may prove to add substantial gains to the SP and cashflow further de-risking the company.

With over 410 net wells to drill ( as per presentation ) if both projects are commercially viable Samson wont need to purchase any further leases, in fact with only 7 staff and $30M left after the next part of their drilling campaign is completed suggests to me they may not go into full field development but rather look at other options.

I didn’t think the latest ann was that bad, but then again if you are a trader perhaps it was. It will be the longs which will be rewarded with SSN whether it be through the Hawk Spring, Roosevelt or both projects, still at liquidation prices SSN at some stage will prove to be IMO one of the stand out stocks of 2012.

Happy New Year and GL to all SSNers

Cheers Matsim