Samson O&G Drills Ahead at Ripsaw Well

Samson Oil & Gas provided an operational update of three projects that are currently planned or that are underway.

Ripsaw #1 (95% working interest)

Ripsaw #1 which is located 50 miles northwest of Houston in Grimes County, Texas was drilling ahead at 3,933 approximately 750 feet above the target. The well is being directionally drilled from a surface location which is to the west of the subsurface target and therefore the well track is an "S" shape. The directional drilling is proceeding as planned and the target is expected to be intersected later this evening.

Gene #1-22H (30.6% working interest)

The Gene #1-22H well located in Williams County, North Dakota was drilled as a 5,500 foot horizontal in the Middle Bakken Formation and was completed with a series of external casing packers such that a "plug and perf," 16 stage fracture stimulation can be undertaken. This operation is scheduled to commence on Wednesday March 31st and is expected to take 6 days to complete. The two day delay has been caused by the need for the stimulation contractor to undertake repairs on equipment that was used on the previous job.

State GC#2 (37% working interest)

As previously advised the State GC #2 well which is located in Lea County, New Mexico is being re-completed in three Bone Spring Formation zones. These zones have been perforated and the well placed on pump to remove the fluids used to break down the perforations. The well is producing oil at a rate of between 15 and 30 BOPD. This rate indicates, as expected that the zones are capable of oil production but have low permeability and will therefore require a fracture stimulation which is currently planned for April. Previous experience in this area suggests that a stimulation should achieve around a 5 times multiple of the un-stimulated rate.