Samson O&G has been awarded, on a conditional basis, approximately 956 net acres of leasehold offered by competitive tender from the University of Wyoming. This land is part of the University's agricultural research facility. Because the acreage is within Samson's propriety 3-D seismic coverage, Samson had a significant advantage by being knowledgeable about the rock qualities in the area. Samson has also been successful in acquiring additional acreage in the State of Wyoming's lease sales as well as leasing acreage from fee owners. Accordingly, Samson has now increased its holding to 17,489 net acres in the Hawk Springs area. This holding assumes that Samson's farminee exercises its full right to earn a 25% interest within the farmin area.
Defender US33 #2-29H, Goshen County, Wyoming, Samson 37.5% working interest (carried)
Samson further advises that the Defender US33 #2-29H well has reached the Niobrara core point at a depth of 6,937 feet and is currently cutting 120 feet of core from the Niobrara 'A' and 'B' intervals.
This vertical pilot hole will then be drilled to an approximate total depth of 7,450 feet, at which point the hole will be logged, with both the core data and the log data used to determine the final horizontal azimuth. The vertical pilot hole will be plugged back to a kick-off point above the Niobrara. From the kick-off point, the borehole angle will be built until it is horizontal and the bit is positioned within the Niobrara "B". Then 7-inch intermediate casing will be set through the curve and the lateral will thereafter be drilled for a distance of approximately 4,300 feet within the Niobrara "B". The well will be completed using a plug and perforation process in 15-stages that is expected to involve the placement of approximately 3,000,000 pounds of proppant into the Niobrara Formation. The Defender US33 #2-29H is the first Niobrara appraisal well in Samson's Hawk Springs project.
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