watch the yanks lap this up tonight, page-22

Hey Wilson

Regarding your question about my thoughts on an acquisition strategy for SSN in terms of new projects.


This is what SSN have said to date.



"Samson continues to examine projects for extending and expanding the company's exposure to
the middle Bakken horizon in both western North Dakota and eastern Montana as a partner or an operator. The Bakken oil shale play is well-established in the region and current acreage values remain attractive, primarily because the play is so extensive it continues to provide an adequate supply of quality acreage".


Here is what TB said last month


"Samson Oil & Gas Ltd (ASX: SSN) aims to acquire additional Bakken acreage this year, managing director Terry Barr told a news service. Samson is looking to add 20,000 acres in the North Dakota shale play at a price of less than USD 1,000 per acre and is in discussions regarding possible buys, Barr said".


If the deal was successful it would mean a $20 Million commitment to SSN, as the Bakken is a proven resource with further potential to develop the 3 Fork Formation.
A new Bakken project would complement our current North Stockyard Field project and would deliver excellent cashflow with the right economics.

As for the Niobrara TB said he wants to add an additional 4,000 acres in and around our current Hawk Springs project as they become available. Now with the completion of the 3D seismic interpretation he will be able to pick and choose the exact leases he wants.

In the Wyoming auctions last month SSN purchased 960 acres, so based on his projections he would have his eye on another 3000 acres.

But with SSN at the moment, i wouldnt rule out any possible JV or land acquisition.


GL