A big oil and gas purchase in North Dakota and Montana. Samson Oil and Gas USA Inc. is buying 41 net producing wells and more than 51,000 acres of leases for $16.5 million. The company, based in Denver, Colorado and with its parent owner in Australia says the properties contain Proved Reserves of 8.5 million with a net present value of nearly $85 million.
The leases in question are from various geologic horizons above the Bakken Formation including the Ratcliffe and Mission Canyon intervals of the Mississippian Madison Formation.
The transaction is conditional on Samson being able to use its existing $50 million debt facility which has a currently borrowing base of $19 million. Closing is expected Feb. 1.
