Penny Stock on the Move: Samson Oil & Gas Ltd. (SSN)
Shares of Samson Oil & Gas Ltd. (ADR) (AMEX: SSN), a company engaged in exploration and development of oil and natural gas properties in the U.S., surged in Tuesday’s trading session.
The penny stock of SSN ended the day 12.05% higher at $1.21. The stock touched an intra-day high of $`1.37 on Tuesday. It has now gained more than 17% in the last three trading sessions. Year-to-date, SSN shares have fallen more than 37%.
Last month, SSN provided an update on its operations. SSN said that the fishing operations on the Spirit of America US34 #2-29 well, in which the company has a 100% working interest, have been completed. The well is part of the Hawk Springs Project in Goshen County, Wyoming. SSN said that the well is set up for hydraulic fracture simulation operations. The company’s stimulation plan is to place 57,500 pounds of proppant in the two remaining frac stages within the Permian section of the well.
SSN also said that the Defender US33 #2-29H well, which is also part of the Hawk Springs Project, was put back on rod pump on August 23rd following extensive periods of testing and evaluation. The company has a 37.5% working interest in the well. In the last week of August, the well produced on average 75 BOPD with the pump jack speed set on a very low setting (4.25 strokes per minute) to help minimize disruptions from gas production.
SSN said that over the next few months it plans to evaluate the Defender well following which a decision will be made on whether it is appropriate to increase the pump speed. The well is the first in SSN’s Hawk Springs project to benefit from the latest technology providing a better understanding of the reservoir due to extensive testing and evaluation.
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