While Continental Resources of Oklahoma City unloaded some of its assets in the Bakken this week, a Denver, Colorado-based company has done the same thing.
Samson Oil and Gas USA, Inc, a wholly-owned subsidiary of Samson Oil and gas Limited made a $40 million sale of its assets in the Williston Basin in North Dakota and Montana. The deal was actually effective Jan. 1, 2018 with Eagle energy Partners I, LLC.
The agreement provides for a $1 million deposit for Samson’s Foreman Butte Project. If Samson’s shareholders do not approve the transaction, the $1 million is fully refundable. Samson will keep a non-operated 15% working interest in the Home Run Field which contains the bulk of the identified upside of the project.
Shareholders will decide on the sale at a meeting on Aug. 6. If approved, the sale will allow Samson to retire all of its debt, meet all other liabilities and keep a cash balance of nearly $6.7 million.