Samson Oil & Gas USA Inc.
Description
Entered into a purchase and sale agreement with Eagle Energy Partners I LLC for the sale of Samson’s Foreman Butte Project located in the Williston Basin in North Dakota and Montana for cash consideration of $40 million.
The transaction will allow Samson to retire all of its debt, and meet all of its other liabilities and should leave it with a cash balance of approximately $7 million. The transaction has been designed, through the retention of a 15% working interest in the Home Run Field, to allow Samson shareholders to participate in development of the Proved Undeveloped reserves within the Ratcliffe Formation associated with the Home Run Field along with the Probable reserve within the Nesson Formation in the same field.