Australia’s Samson Oil and Gas says it’s reduced its outstanding debt to $19 million through the closing of the North Stockyard sale of its holdings in North Dakota’s Bakken play.
At the same time, Mutual of Omaha Bank has increased the company’s borrowing base to $20 million as part of a new syndicated loan involving another bank..
The closing of the North Stockyard sale, according to an announcement by Samson was a condition of the loan facility amendment that financed the acquisition of the Forman Butte project in the Williston basin in North Dakota and Montana. The bank has now agreed the condition has been met. But Samson executives indicated they will not raise additional equity capital at this time.