Samson Oil & Gas Limited today lodged its 2008 Financial Report for the year ended June 30, 2008. A copy of the report is available in full on the company’s website (www.samsonoilandgas.com).
Highlights
* Net loss of A$3.1 million, including a A$2.9 million write off of unsuccessful exploration
* Increased gross profit from A$3.1 million to A$4.4 million despite lower gas prices experienced during the year
* Unrealized hedge expense of A$1.6 million (which since balance date has reversed to a net gain of A$0.9 million, using the gas price forward curve as at September 23, 2008)
* Unrealized loss on the movement of the fair (theoretical) value of the warrants attached our debt facility of A$1.3 million
* Non-cash expense of A$0.4 million associated with the issue of employee incentive options
* Non-cash interest expense of A$1.3 million related to the accounting treatment of the warrants attached to our convertible notes
Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN." Samson's American Depository Receipts are traded on the American Stock Exchange under the symbol "SSN," and each ADR represents 20 fully paid Ordinary Shares of Samson.
For and on behalf of the board of
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions and to use certain methodologies in valuing any such proved reserves. We use certain terms in our 2008 Financial Report such as "estimated proved recoverable reserve" and "probable reserve" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider these differences and closely review the disclosure in our Form 20-F, as amended, available on our website at www.samsonoilandgas.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or visiting www.sec.gov.
Statements made in the 2008 Financial Report that are not historical facts may be forward looking statements, including but not limited to statements using words like “may,” “believe,” “expect,” “anticipate,” “should” or “will.” Actual results may differ materially from those projected in any forward-looking statement. Actual results may differ materially from those anticipated or estimated by any forward looking information. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the Company's registration statement and report to the Securities and Exchange Commission on Form 20-F, as amended, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.
Contact:
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994
Cell: 970-389-5047
Source: Samson Oil & Gas Limited
Highlights
* Net loss of A$3.1 million, including a A$2.9 million write off of unsuccessful exploration
* Increased gross profit from A$3.1 million to A$4.4 million despite lower gas prices experienced during the year
* Unrealized hedge expense of A$1.6 million (which since balance date has reversed to a net gain of A$0.9 million, using the gas price forward curve as at September 23, 2008)
* Unrealized loss on the movement of the fair (theoretical) value of the warrants attached our debt facility of A$1.3 million
* Non-cash expense of A$0.4 million associated with the issue of employee incentive options
* Non-cash interest expense of A$1.3 million related to the accounting treatment of the warrants attached to our convertible notes
Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN." Samson's American Depository Receipts are traded on the American Stock Exchange under the symbol "SSN," and each ADR represents 20 fully paid Ordinary Shares of Samson.
For and on behalf of the board of
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing Director
Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions and to use certain methodologies in valuing any such proved reserves. We use certain terms in our 2008 Financial Report such as "estimated proved recoverable reserve" and "probable reserve" that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider these differences and closely review the disclosure in our Form 20-F, as amended, available on our website at www.samsonoilandgas.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or visiting www.sec.gov.
Statements made in the 2008 Financial Report that are not historical facts may be forward looking statements, including but not limited to statements using words like “may,” “believe,” “expect,” “anticipate,” “should” or “will.” Actual results may differ materially from those projected in any forward-looking statement. Actual results may differ materially from those anticipated or estimated by any forward looking information. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the Company's registration statement and report to the Securities and Exchange Commission on Form 20-F, as amended, which is available at www.sec.gov/edgar/searchedgar/webusers.htm.
Contact:
Samson Oil & Gas Limited
Terry Barr, CEO, 303-296-3994
Cell: 970-389-5047
Source: Samson Oil & Gas Limited
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