Tulsa’s Samson Resources II, LLC announced this week it is divesting some of its Wyoming holdings in a $44.4 million cash deal as well as 15,000 net acres.
The divestiture involves holdings in Converse County, Wyoming. The buyer was not disclosed. But the land to be received by Samson Resources includes all depths below the Fort Union formation and is currently undedicated. It will bolt-on to Samson’s core acreage position in Johnson County, Wyoming.
Johnson County is located along I-25 between Casper and Sheridan.
Also as part of the deal, Samson agreed to sell nearly 7,000 acres and the company’s interests in 17 wells and overriding royalty interests. After the closing expected prior to May 31, Samson will own rights to more than 152,000 net acres in the Powder River Basin.
Joseph Mills, President and Chief Executive Officer of Samson, commented, “This sale represents another important step in Samson’s portfolio management strategy of divesting non-core assets and increasing focus on our core assets in the Powder River and Green River Basins of Wyoming. ”
He said proceeds from the sale will be used to partially fund the company’s 2018 drilling program.
