SSN - Samson Exploration

[skivvy]

I guess this delay was not what the market wanted, sp drops by over 10%. Looks to me like a buying opportunity? Afterall the deal still appears to be going through with a deposit to be paid next Friday of $10M.

When the news is not good the market can be very sharp in its response.

[Slipperz]

Quote: Originally Posted by skivvy I guess this delay was not what the market wanted, sp drops by over 10%. Looks to me like a buying opportunity? Afterall the deal still appears to be going through with a deposit to be paid next Friday of $10M. When the news is not good the market can be very sharp in its response.

[skivvy]

Slipperz hope you are still hanging in there with Samson! Todays price action was encouraging and with the US traders picking up SSN shares last night from the previous days drop to rally up about 7%, things are improving. I was interested to read the dates for the sale of the Goshen County acreage in todays quarterly report. Mondays release indicated a deposit of $10M to be paid on the 5th of August and the balance due on the 5th of September after due diligence, etc... Today the announcement was for the deposit due on the 6th of August and the balance due mid September? Either way I am not too concerned just a little confused. This is a good deal and will provide an excellent cash stimulus ($61-$79M) whilst still retaining significant acreage in the Niobrara Formation.

With gas production up 10% and oil production up 362% for the quarter, and fraccing and drilling continuing in the Bakken, August is going to be a good month for SSN.

[Slipperz]

Quote: Originally Posted by skivvy Slipperz hope you are still hanging in there with Samson! Todays price action was encouraging and with the US traders picking up SSN shares last night from the previous days drop to rally up about 7%, things are improving. I was interested to read the dates for the sale of the Goshen County acreage in todays quarterly report. Mondays release indicated a deposit of $10M to be paid on the 5th of August and the balance due on the 5th of September after due diligence, etc... Today the announcement was for the deposit due on the 6th of August and the balance due mid September? Either way I am not too concerned just a little confused. This is a good deal and will provide an excellent cash stimulus ($61-$79M) whilst still retaining significant acreage in the Niobrara Formation. With gas production up 10% and oil production up 362% for the quarter, and fraccing and drilling continuing in the Bakken, August is going to be a good month for SSN.

[Slipperz]

Drilling activity increasing in the bakken shale

http://noir.bloomberg.com/apps/news?...d=aH5uLVeYhqAQ

[Slipperz]

Heres another snippet that sparked my interest as to what value is being put on the acreages for sale and by whom.

http://www.epmag.com/2010/July/item64323.php

SSN is in the hot seat here for sure.

Interestingly the prices paid by big bear of 3200 an acre must be for what they consider to be highly prospective for good productive wells.

Applying this to the 79 million ( okay going for the top figure)for 24000 acres gives us a figure of 3291 per acre

Which says to me we are on the money here with regrads to drilling potential.

Applying 3291 to the remaining 16000 acres gives us a figure of 52666666.

52.6 million plus 79 million divided by 1.663 billion shares equals

0.079!

That's before we look at anything else.

Serious rerating imminent imho.

[Slipperz]

Results in from EOG.

http://www.marketwatch.com/story/eog-resources-reports-second-quarter-2010-results-2010-08-05?reflink=MW_news_stmp

They have had some great drilling in a variety of plays.

Best of all in the Williston basin

10 million in the bank for SSN on Monday and phase one of the sale process will be complete.

Was very happy to reload today on the dip I thought I had missed the boat earlier in the week when we hit 0.076

[Slipperz]

Continental resources report reads well!

http://enidnews.com/localnews/x19362...ces-in-5-years

Interesting comment from the CEO.....


Production growth in the Bakken continued to trend higher in the second quarter, and it accounts for 43 percent of Continental’s total production. Continental reported a 93 percent increase in its North Dakota production, compared to the second quarter of 2009, and all the activity recently was noted as making that state the third largest oil producer in the nation.

“There is not an acre that we’ve bought that I would care to give back, based on our knowledge of the Bakken play,” Hamm said. “We accurately predicted this boom.”

[Donga]

No concerns at all with SSN guys and surprised this thread is not more active on ASF.

Next week looms large and coming months very exciting IMHO based on land sale and Rodney drilling.

[whiteknightoz]

Tday no-one wanted to let go of their shares so volume wasnt high.

tomorrow should be the day, confirmation ann of the deposit showing up the bank account and we should see the SP move north ..

[Slipperz]

I was amazed to pick up a few today for 0.07 cents!

Not complaining though.

Good days trading for me

[prgudula]

Goshen Transaction and North Stockyard Operations
Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that, pursuant to the amended sales agreement for part of its Goshen County lease holdings, it has now received the required $10 million deposit. The deposit is not being held in escrow and is refundable only if Samson is unable to deliver marketable title to twenty percent (20%) of the contracted properties, other than the expiring leases, at the planned September 6th closing.

[Slipperz]

Quote: Originally Posted by prgudula Goshen Transaction and North Stockyard Operations Samson Oil & Gas Limited (ASX: SSN, NYSE AMEX: SSN) advises that, pursuant to the amended sales agreement for part of its Goshen County lease holdings, it has now received the required $10 million deposit. The deposit is not being held in escrow and is refundable only if Samson is unable to deliver marketable title to twenty percent (20%) of the contracted properties, other than the expiring leases, at the planned September 6th closing.

[Donga]

Quote: Originally Posted by Slipperz The news is all good. Looking forward the the frac results from the Rodney and Gary wells. The Rodney frac job is immense....35 stages Lets hope there's a lot of oil coming back up. By the look of the timings here we in for 2 IP figures and a check for 60 million dollars within a month or so. Might help add a little more value to the market cap

[Slipperz]

Interesting backgrounder on the play http://billingsgazette.com/news/loca...cc4c002e0.html

[Slipperz]

Hold onto your hats Samsonites we are about to fire up for the run to the 70 million dollar payday!

It's looking ready to pop now imho.
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First sign of a little movement at the station we went green yesterday on yet another down day.

Look at that closing price... right on the top of the downtrend channel.

Now take a look at the overnight action on the ADRs in the US.....

http://www.google.com/finance?q=AMEX:SSN

HELLO!!

Might be time for a bit of a reweight here only 11 more trading days until 70mm in the bank (hopefully) and then we'll see some action!

[Slipperz]

BINGO!



Next stop 8 cent resistance probably late this week or early next.
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Then we head off into blue sky country as the ann on the 6th draws ever closer.

ADR's up nearly 7% overnight but they are really just keeping parity with us at this stage.

Todays enercom presentation might put a surge of interest in tomorows early trade?

[Slipperz]

General market sentiment and a weak oil price has us in grey sky territory right now

Interesting position we are at on the chart wedged between support and resistance out of the uptrend channel.

With the dow green and adr's trading at 1.22 or 0.069 surely we will be back into the uptrend today

Only 7 trading days until the delayed sale announcement.....

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[Slipperz]

Ahhh the bots in play now.

A sure sign we are hitting the big time

Somewhere on the 42nd floor a broker is analysing his latest turd while his algorithmic trading computer buys 400 dollar parcels of a 7 cent stock.

Brilliant jeeves noone will notice we are accumulating.

Makes me wonder how all the people buying the hundred thousand parcels can sleep at night.

Surely someone has noticed?

[Slipperz]

Double doji

Indecison in the marketplace.
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We're out of the short term downtrend. The uptrend is this weeks trading for sure.

This week I'd expect to see the day traders come in looking for the pump and dump.

Should make for an interesting weeks trading anyways.

I'll call 8 cents by Friday close