Samson Oil & Gas is selling 30,000 net acres in the company’s Roosevelt Project in Montana for $13.5 million.
The deal includes the acreage and an interest in the following wells: the Australia II, Gretel II, and Abercombie (Contiental Resources operated).
Samson will use the cash raised to further development of the company’s North Dakota Bakken prospects.
The Roosevelt Project accounted for the bulk of the company’s acreage in the play, but well results must not have been good enough to continue exploring the prospect. The company will now focus its development efforts in its 2,450 net acres in North Dakota. Samson expects to be producing 1,200 net b/d in the Bakken by the end of 2013.
Read the full news release at samsonoilandgas.com