Samson Oil & Gas Ltd. said on Aug. 31 that the buyer for Samson’s interest in North Dakota’s North Stockyard Field—a $15 million transaction—plans to close between Sept. 15 and Sept. 25.
Samson has received a $1 million deposit as part of the consideration. Samson accepted an extension request and a $50,000 fee to accommodate this extension.
Following the closing of this transaction, Samson will likely reduce its debt facility to $19 million.
When the sale is completed, Samson will focus its capital and operations on the recently acquired Foreman Butte project, which is has operated for about three months.
Samson said that during the time it has been the operator, the production rate and the proved developed producing reserves have increased due to the round of workovers Samson has carried out.
Currently, Foreman Butte is testing two production enhancement techniques, a freshwater cleanout of the Evans 1-10H well and an acid stimulation of the Maris 1-16H well.
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