lea county, interesting

SSN have a swag of projects and this is one of them.

coped and pasted from their website:

State GC Oil & Gas Fields (Samson 27% & 100% Working Interest)

State GC Oil Field, New Mexico
Samson 27% Working Interest

The State GC oil field, located in Lea County, New Mexico, was discovered in 1980 and covers approximately 600 acres. The field currently has two wells producing from the Lower Leonard (Wolfcamp) sands. The State GC #1 well has produced 560,000 barrels (bbls) of oil and 0.7 BCF of gas and is currently making about 50 BOPD. The State GC #2 well was drilled in 2008 in a similar amplitude as the State GC #1. This well makes 30 BOPD currently. This rate will most likely increase after a fracture stimulation is conducted in March 2009 on the Lower Leonard zone.

Samson acquired a non-exclusive 3D seismic grid previously shot by a geophysical contractor covering the ten sections (640 acres each) adjacent to the State GC well. Through the use of 3D seismic amplitude analysis and spectral decomposition, Samson has proven to be accurate in determining the incident of porous zones within the Lower Leonard Formation. As a result, two new Lower Leonard drilling opportunities are being pursued in 2009. These are the Jackrabbit and Section 6 re-entry prospects (see maps below) which will test stronger and larger amplitudes than the State GC #1 and #2 amplitudes. These two prospects could yield over two million barrels of oil from the Leonard zone alone. Samson has a 100% WI in the Jackrabbit prospect.

State GC Gas Field, New Mexico
Samson 100.0% Working Interest

The 3D seismic data has been helpful in identifying three Morrow formation drilling opportunities. One of these is located directly under the Leonard target at the Jackrabbit Prospect which allows for a stacked target wellbore. The other two Morrow prospects are located in Section 24 west and Section 13 East. Samson holds 100% of all these prospects and therefore will be offering farmouts to the industry to finance the drilling of these very attractive locations. The Morrow formation was originally a secondary target in this area, but remapping and subsurface modeling has suggested that the Morrow formation, which has gas recoveries averaging 5 Bcf per section in the adjacent sections, will be the primary target.