Just having a look at the latest quarterly reports for both...

Just having a look at the latest quarterly reports for both companies and made the following comparisons.

Company Size
Shares Outstanding: 1,664M(SSN) - 238M (SEA)
Market Cap as of 1/11/10: $95M (SSN) - $122M (SEA)

Acerage Net
Total: Can't Find (SSN) - 148,539 Acres (SEA)
Bakken: 3,840 Acres (SSN) - 8,841 Acres (SEA)
Niobrara: 17,000 Acres (SSN) - 13,000 Acres (SEA)

Reserves
Oil bbls 1P: 500K (SSN)- 3,700K (SEA)
2P: 5K (SEA)- 2,500K (SEA)

Gas mcf 1P: 10.5M (SEA) - 8,060K (SEA)
2P: 500K (SSN) - 3,784K (SEA)

Financials
Cash on balance sheet: $75M (SSN) - $14.9M (SEA)
Debt: $11M (SSN) - $0M (SEA)

Quarterly Report
Production: 488 BOEPD (SSN) - 657 BOEPD (SEA)
Revenue: $1.6M (SSN) - $1.3M (SEA)

SP Action
Share Price Increase: 32% (SSN) - 194% (SEA)
Price 30th June 2010: $0.044 (SSN) - $0.170 (SEA)
Price Today: $0.058 (SSN) - $0.50 (SEA)

It appears the biggest difference between the two companies is the reserves. I understand SSN was supposed to update their reserve report recently but have not seen it. The total acerage is interesting as well, could not find a SSN total acreage anywhere. I have highlighted the two main oil plays Bakken and Niobrara. If Niobrara produces anything similar to Bakken then this is on a par.

The extra $50M cash that SSN has is certainly going to help them drill Niobrara. It appears that a lot of SSN success is going to be based on Niobrara being the next Bakken.

The SP difference between the two companies since June 2010 has been quite amazing. SEA has increased 194% versus 32% for SSN. Not sure why the difference, SEA may have been undervalued based on their current reserves.

Going to be an exciting 2011, lets hope that SSN can keep delivering and we start to see the rerating that SEA has had.

Good luch shareholders.

Tim

PS. My research may not be 100% accurate, but done without an agenda.