Deals - Acquisition, Mergers, Divestitures | Capital Markets | Private Equity Activity

Samson Terminates Sale of Bakken Roosevelt Assets

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Samson Oil & Gas Limited has reported advice on the status of the Roosevelt sale.

As previously advised, on June 21, 3013, Samson entered into a binding agreement to sell its interest in the Roosevelt project in Montana. The agreement required the sale to close on or before July 31^st. While the Buyer did not advise Samson of any title or environmental problems during or after the due diligence period, the Buyer did not proceed to close the transaction as scheduled and has requested an extension of time until August 15, 2013.

Samson has not agreed to extend the deadline for closing pending receipt of additional information from the Buyer. Absent such an extension, Samson may deliver a termination notice to the Buyer at any time after today, which was the earliest date that such a notice could be delivered under the terms of the agreement

If the currently proposed sale does not close, Samson will examine its options with respect to this acreage, including but not limited to sale of the property to another buyer or development of the conventional potential of the acreage.

Original Sale Announcement - June 21, 2013

Samson Oil & Gas Limited has entered into an agreement to sell its interests in the Roosevelt Project in Montana for $13.533 million in cash, subject only to the completion of specified due diligence by the buyer.

The agreement calls for the sale of Samson’s interest in approximately 30,000 net acres, its interest in wells Australia II, Gretel II and Abercombie and the leases comprising the drill spacing units for these wells. The transaction is due to close on or before July 31st.

Samson plans to deploy the cash raised by this transaction into the development of Samson’s North Dakotan, Bakken North Stockyard project.