Current asset value of 8.7c representing 40% gain but Niobara...

Current asset value of 8.7c representing 40% gain but Niobara has significantly higher upside.

Six month target of 14c

Current low price a result of the 1.2c capital raising dilution and profit taking.

Highlights:
- Cashed up in the middle of Niobrara Shale
- Recently sold part of Goshen for $74M, retained 15k acres
- Value underpinned by reserves and moderate production from NS
- Samson retained acreage around a strong resistivity anomaly
- 3D survey commenced, looking to increase acerage
- Transformational deal with Chesapeake - market to fully value deal
- Early Niobrara results of 1,000 boe/d similar to Eagle Ford 12 months ago
- North Stockyard underpins current EV
- Additional Bakken upside from downspacing for additional 4 wells

Not sure for O&G plays but Hartley's have SSN with a 2012e EBIT of $77.6M and 2013e of $195M. So work out the share price from those - I'd say pretty close to Terry's valuations of 96c per share.

Quote - "If Samson can get the first two wells producing then the upside valuation is 35cps" - this is the bit I like.

Always DYOR.