This was the post june 14th looks to be the cut off
firstly the bakken well has start to be drilled. the bid has started on the 1/3 of acreage in niobrara WY that is being offered by the company- officer says around 40 parties are show interest. As you know the state of WY just offered land in the Niobrara and got around 33 million for a very small parcel . ssn has around 46k net acres and is intending to sell 1/3- deal is anticipated to close on or about june 14th- company realizes that the rights are underwater but is not that concerned because they are going to sell this 1/3 interest in the Niobrara - If you look at the last q it shows that they are right on top of eog's property- the interesting thing is that they bought this property in 2006 at around 5 dollar/acre- so they actually were there first! Money raised will be used for drilling in the bakken and niobrara. Looks like a bottom floor speculation in domestic oil and gas exploration with huge upside potential-maybe a little early but for .50-.60 not a bad entry point- I know the low is around .22 and recent high was around 1.09-- I am always looking for another bexp ( bought at 2.75 before it caught fire- by the way bexp announced 2 super monster wells in the bakken -one 5000 boepd initial 24-- another announcement came fro aez - two great wells and then kog got a 200 million line! As you know they are not making anymore oil- and this terrible bp situation is going to hurt offshore and be more bullish for onshore drilling yours truly wv
SSN Price at posting:
3.4¢ Sentiment: Hold Disclosure: Held
