SSN Sep 10Q was filed

In all the excitement of delisting procedures, here's the 10Q highlights
http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12393108

No analysis necessary. I don't think what I citing below was included in the Qtrly filed with ASX

All 4 covenants breached

Total Stockholders Equity now down to $1,552,261  (that's why they are delisted). The company's books AFTER BOOKING A BARGAIN ASSET PURCHASE with Foreman Butte asset puts the common stockholder equity value at $1.5M.

Allowing for the Credit Facility being termed a Current Liability (because SSN is in breach of all covenants and also its due in 12 months) and reducing Current Liabilities by that amount SSN still has Current Liabilities of $6M versus current assets of $2.5M and as FYI MTM loss on hedging recorded as $800K (so far) on balance sheet.

This pearler of reporting -
"We also must continue to improve our operations to address our working capital deficit."
YA THINK!

"Our development efforts are currently constrained, however, by our lack of access to capital to fund any development activities. We have four current drilling permits for our Home Run field and anticipate drilling our first PUD well as soon as we obtain the necessary funding through a refinance of our credit facility or through the partial sale of our North Dakota and Montana assets, through there can be no assurance this will be possible."

" In addition, during the period ended September 30, 2017 two of our more significant wells were shut in with surface facility issues. In particular, the R Field did not produce for 28 days during the current quarter and the Evans well was shut in for 8 days. "

Which accounts for net oil production being 54,869 barrels of oil (603 bopd). Now a few thought I'd taken leave of my senses with an earlier post about a spike in oil having a not so pleasant side effect for SSN. Well think again in light of the production trajectory and the amount hedged
Swaps of  47,214 for Oct'17 - Dec'17 and
Collar of 24,558 for Oct'17 - Apr'18  (so 10,525 for this 3 mths)
Added together they may have hedged more than they actually produce, unless of course the 54,869 is an anomaly and will be much higher this Qtr.

IMO, this statements of theirs sums it up, nowhere does it say net cash flow from oil & gas operations
"During the prior four fiscal years, our three main sources of liquidity were (i) borrowings under our credit facility, (ii) equity issued to raise $21.4 million and (iii) our tax refund of $5.6 million from the Internal Revenue Service, received in February 2013. During the years prior to the fiscal year ended June 30, 2012, our primary sources of liquidity were the sale of acreage and other oil and gas assets. "