Samson Oil & Gas Limited announced a 61% increase in the independent estimate of its Proved Reserve since January 1st, and an extension of its ongoing shareholders Rights Offering to May 24th in the U.S. and May 31st in Australia.

Rights Offering

As previously announced, Samson is undertaking an infill development drilling program in its North Stockyard and Rainbow Projects, located in the heart of the North Dakota Bakken oil play. This development program is being undertaken adjacent to existing production and has been expected to add significant oil production and reserves to Samson, including the improvement in Proved Reserve announced today. The recently commenced simultaneous drilling of four development wells is being financed, in part, by Samson’s recently completed and ongoing equity offerings.

Tags: Samson Oil & Gas Limited