what value is ssn

What Valuation is SSN at this point in time.


These are rough estimations I have calculated using some of the figures from the IPAA OGIS FLORIDA presentation.

I have allowed $1000 per acre for both Roosevelt and Hawk Springs which could easily be influenced by any further positive or negative drilling results. SOA#2 will have a big bearing in the next few days, where Roosevelt has some way to go before SSN buy price of $200 per acre reaches $1000 per acre. I haven’t included any further transactions in Roosevelt with the 2nd Tranche until such time SSN informs the market.

It is extremely difficult to put a proper valuation on Hawk Springs or Roosevelt at this stage on current results or until other acreage in or around SSN have sold (for example CHK Niobrara leases). So I have made some very rough estimates until we have further results.




$30M Cash (Approx)

$18M Hawk Springs calculation of $1000 per acre 18,000 acres in total

$20M Roosevelt calculation of $1000 per acre 20,000 acres
1st Tranche (No buy back option from FPEC )

$17M North Dakota Approx infill wells from SSN

$4M Proved Reserves (as quoted from SSN)

$0M ORRI (at this stage)

$89M in total


4.5 cents fully diluted


If you use the Enercom report it puts an updated figure of $500 per acre on Hawk Springs and with current results from Roosevelt, if you put the same value of $500 per acre you would have a valuation of SSN of approx 3.5 cents per share fully diluted.


Would be happy for other thoughts and opinions.

Cheers Matsim