Samson Oil & Gas Ltd. (NYSE: SSN) is dealing its interest in a North Dakota oil field for $15 million cash in hopes of trimming its debt.
The Australian company, which has offices in Denver, said June 30 it executed a purchase and sale agreement with Angelus Private Equity Group to sell its interest in the North Stockyard Field.
Samson has a 32% average working interest in the North Stockyard Field located in the Williston Basin in Williams County, N.D. Productive reservoirs at North Stockyard include the Mississippian Mission Canyon (Bluell), Mississippian-Devonian Bakken and Devonian Three Forks formations.
The sale is expected to reduce the company's debt level, maintain compliance with its debt covenants and also provide cash liquidity for investment in the Foreman Butte project.
Due to the pending sale, the deadline for a $10 million reduction on Samson's debt facility has been extended by its lender to Aug. 31 from June 30. The amount owed under the facility will be reduced by $11.5 million from the proceeds of the sale.
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