Samson Resources Announces New Wyoming Efforts
Tulsa’s Samson Resources II LLC plans to five five wells in southwestern Wyoming and at the same time speed up its program in the Powder River basin.
Samson plans to use two rigs to drill wells in the Fort Union gas formation of Sweetwater county where Rock Springs is the county seat. The company says it anticipates producing 3.7 bcf of gas at a cost of $2.9 million per well. It’s hoping to begin sales in 2018.
The Tulsa company also is launching a more aggressive State and Federal permitting program on its assets in the Powder River Basin. This move comes as the firm expects to have an active drilling program in the second half of 2018.
“We are very excited to announcement the commencement of this drilling program as Samson gets back to what we do best, finding oil and gas production and reserves at attractive rates of return,” said Joseph Mills, President and Chief Executive Officer. “We believe this program will position us for an active drilling plan in the Greater Green River and Powder River Basin of Wyoming in 2018.”
This week’s announcement came after an Aug. 1 announcement by Samson that it was getting out of the East Texas/North Louisiana region. It sold its assets for $525 million and the sale is expected to close later this month. Proceeds will be used to retire the company’s existing debt of $210 million and help fund Samson’s drilling and completion capital program in 2018.
