After nearly a half a century in business, Samson Resources has announced it plans to wind down the Tulsa, Okla.-based company.

In a company release, the privately held E&P said it agreed to sell all of its Powder River Basin assets to an undisclosed buyer for $215 million in an all-cash transaction. Following closing, expected in early March, Samson Resources II LLC will have divested substantially all of its upstream assets and will begin the process of winding down its affairs and moving toward final dissolution.

Joseph A. Mills, president and CEO of Samson Resources, said in a statement commenting on the Powder River transaction: “When this sale closes, it will conclude the four-year process of monetizing Samson's assets and delivering a strong cash return to our equity owners following our emergence from bankruptcy in March 2017.”

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