Samson Resources II LLC said June 11 it recently closed an acquisition in Wyoming's Green River Basin that boosted its position in the region to more than 53,000 net acres.
The private Tulsa, Okla.-based E&P acquired the Green River acreage and working interest in its core operating area in Sweetwater County, Wyo., from a nonoperating working interest partner for $15.9 million.
The acquisition, which closed June 8, consisted of roughly 33,000 gross (10,500 net) acres plus working interests in 30 wells producing about 450 boe/d. As a result, Samson's working interest in the area increased to about 90% in most operated producing and future wells.
The deal consolidates Samson's acreage position in its core development area in the Green River Basin where President and CEO Joseph Mills said the company recently completed "two of the best performing vertical Fort Union wells in the immediate area."
RELATED - Executive Q&A: Samson, Redeemed
Mills said Samson will continue testing the company's downspacing plans on its Green River Basin acreage position during 2018.
"Samson remains focused on growing in our two core areas, the Powder River and Green River basins of Wyoming, and this acquisition of additional acreage in the core of our Sweetwater County position will be accretive to our production and financial results as we begin our drilling program in 2018," Mills said in a statement.
In early May, Samson also bolstered its position in the Powder River Basin with an agreement to sell noncore assets. In exchange, the company received $44.4 million cash and 15,000 net acres in Johnson County, Wyo., that the company said was a bolt-on to its core in the basin.
Recommended Reading
LS Power Completes Acquisition of Algonquin Power’s Renewables Unit
2025-01-09 - With the transaction’s closure on Jan. 8, LS Power formed Clearlight Energy to manage the acquired renewable energy assets.
Phillips 66 Buys EPIC’s Permian NGL Midstream Assets for $2.2B
2025-01-07 - Phillips 66 will buy EPIC’s NGL assets, including a 175,000 bbl/d pipeline that links production supplies in the Delaware and Midland basins and the Eagle Ford Shale to Gulf Coast fractionation complexes.
Martin Midstream Terminates Merger Agreement Following Pushback
2024-12-29 - Martin Midstream Partners will continue operating as a standalone publicly traded company following termination of its deal to merge with Martin Resource Management Corp.
Allete Gets OK From FERC for $6.2B Sale to Canada Pension Plan, GIP
2024-12-20 - Allete Inc. announced its acquisition by the Canada Pension Plan Investment Board and Global Infrastructure Partners in May.
Exxon Mobil Completes Purchase of FPSO Offshore Guyana
2024-12-19 - Exxon Mobil Corp. paid $535 million to SBM Offshore for the FPSO, which will operate the unit through 2033.