Samson Oil & Gas Advisory on Gary #1-24H Frac Operations
Gary #1-24H (37% Working Interest)
DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) advises that the first fracture stimulation stage pumped 150,000 pounds of proppant into the Gary #1-24H well according to the planned program, however in preparing for the second stage the isolation plug set prematurely above its planned setting depth. It is now required that the second stage isolation plug be drilled out using a coiled tubing unit before continuing the remainder of the fracture stimulation job. This operation is expected to be undertaken later this week and the stimulation program should re-commence on or about September 13th. We do not anticipate any reduction in well performance.
Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange AMEX under the symbol "SSN". Each ADS represents 20 fully paid Ordinary Shares of Samson. Samson has a total of 1,663 million ordinary shares issued and outstanding, which would be the equivalent of 83.15 million ADSs. Accordingly, based on the NYSE AMEX closing price of US$1.25 per ADS on August 30th, 2010 the company has a current market capitalization of approximately US$103.9 million. Correspondingly, based on the ASX closing price of A$0.07 on August 30th, 2010, the company has a current market capitalization of A$116.4 million.