Samson is another Australian driller working the US shale oil plays. They have property in the Bakken and the Niobrara. Recently they closed the sale of 24,000 acres of their Niobrara land for over $70million to Chesapeake. They paid a fraction of that for the land a couple of years ago. Chesapeake will be drilling quickly to hold some of the leases and determine what kind of wells Samson can expect on their adjacent 16,000 acres. This land is fairly close proximity to EOG's famous Jake well that has produced over 50,000boe in the first 6 months of production. Samson is now cashed up for an aggressive drill program of their own in the Niobrara. They are currently drilling in the Bakken with three new wells. They have substantial working interests in the 30% range for these three wells. They only have 2400acres in the Bakken but also intend to add some acreage with their cash.
Here is a PR explaining the land sale. In addition to the cash, Samson gets an ORRI averaging 3.8% so they could gain substantial rev from Chesapeake's drilling with no further capex.
http://finance.yahoo.com/news/Samson-Oi ... 5.html?x=0
Samson has had a big run and currently has a market cap of around 120 million. SSN is an ADR that represents 20 shares of SSN.ax on the Australian ASX. There are about 83million ADR's out and about 1.6billion shares out in Australia. SSN.ax trades for about A$.07.
http://www.wsw.com/webcast/rrshq18/ssn/ Here is their latest presentation at the Rodman Renshaw conference in early Sept.