Samson Oil and Gas Limited has announced it will sell assets in the Bakken worth $15 million.
Australian-based, Samson Oil & Gas Ltd. plans to sell its interest in the North Stockyard field in North Dakota in order to reduce its debt. The deal is scheduled to close on August 31st, 2016.
Angelus Private Equity Group is purchasing the field, located in the Williston Basin in Williams County, N.D., which includes the Mississippian Mission Canyon (Bluell), Mississippian-Devonian Bakken and Devonian Three Forks formations.
Highlights from the North Stockyard sale include:
- A reduction of our debt level
- Providing cash liquidity that can be invested in the Foreman Butte project which, as illustrated by our recent reserve report has considerable growth potential, with more than $50 million of proved developed non-producing and proved undeveloped reserves.
- Maintaining compliance with our debt covenants.
- Maintaining the excellent working relationship that we have with our lender.
Last year, Samson shifted its focus to the Foreman Butte project, which involves wells in both Montana and North Dakota.