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Samson Oil & Gas declares updated proved reserves


Published Sep 23, 2013
Samson to begin trading on AMEX under the symbol “SSN”

Samson Oil & Gas Limited announced that, based on reports provided by Ryder Scott Company (RSC), an independent petroleum reserves engineering consulting firm, its Proved Reserves as of July 1, 2013, were estimated at 1.8 MMBOE with a Net Present Value at a 10% discount rate (NPV10) of $39.6 million using NYMEX pricing. Samson also announced its own internal estimate of Proved Reserves as of August 15, 2013, which adjusts for the impact of Samson’s transactions since the end of fiscal 2013.

In particular, after considering the recent sale of part of its North Stockyard undeveloped acreage to Slawson Exploration Company, Inc., Samson estimates its Proved Reserves as of August 15th at 1.55 MMBOE, with a value of $34.1 million using NYMEX pricing. It is noteworthy that, while Proved Reserves declined slightly as a result of the Slawson transaction, the August 15, 2013, figure still represents a substantial value increase from the most recent reserve report dated April 30, 2013, which estimated an NPV10 of $23.6 million.

Tags: Samson Oil & Gas Limited




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