Samson Investment Co.

Transaction Type
Sellers
Marketers
Basin
Gulf of Mexico
Post Date
Close Date
Estimated Price
MM
Description

Tulsa, Okla.-based and privately held Samson Investment Co. has retained BMO Capital Markets to sell all of its Gulf of Mexico shelf properties, representing a complete exit of the region.

The oil-weighted package includes interest in 27 federal and state blocks and 38,248 net acres (61% held by production) and is 74% operated. Primary fields include Vermilion 272, High Island 52 and Main Pass 77, as well as West Cameron 116, Brazos 444-S, East Cameron 344-345, Vermilion 218, South Marsh Island 38, Ship Shoal 214, Breton Sound 41 and Main Pass 74.

Assets include 32 active wells, 36 inactive wells, six platforms and two cassions in 30- to 175 feet of water. Operators of nonoperated assets include W&T Offshore, Woodside Energy and Chevron.

Net production is 4,500 barrels of oil equivalent per day (53% oil). Total proved reserves are 6 million barrels of oil equivalent (3.18 million barrels of oil; 16.8 million cubic feet of gas), with 6.9 million barrels equivalent proved, probable and possible. Net average cash flow for fourth-quarter 2009 was $7 million per month.

The data room opens April 12. The bid due date is May 13. Closing is expected by the end of June. Contact Miles Redfield, 713-546-9715, miles.redfield@bmo.com.