Samson Resources II sells Greater Green River basin and certain Power River Basin assets

Samson Resources II has completed the sale of its Greater Green River basin assets and certain non-core Power River Basin assets in Johnson County, all in the US state of Wyoming to undisclosed buyers in separate agreements.

The Oklahoma-based onshore exploration and production company said that the effective date of the sale was 1 July 2019.

Samson Resources II said that the 8,500 acres of acreage sold in Johnson County had no associated production.

Joseph A. Mills – President and CEO of Samson Resources II said: “With the sale of the Greater Green River basin assets, Samson is now a pure play E&P operator focused exclusively on the Powder River Basin (“PRB”) of Wyoming with over 154,000 net acres. Samson remains committed to executing its business plan and to the continued development of its extensive PRB assets.

“With our recent strong drilling results in the PRB, the Board of Directors has decided to explore strategic alternatives for the Company’s Powder River Basin assets, consistent with the strategy the company has pursued since emerging from bankruptcy in 2017. While conducting our strategic alternative review for these assets the Company remains committed to drilling safely and efficiently.”

Samson Resources II offloads Greater Green River basin and certain Power River Basin assets. Image courtesy of Stuart Miles at FreeDigitalPhotos.net.

Jefferies, which was appointed as Samson Resources II’s financial advisor, led the marketing process of the Greater Green River basin assets and will lead the strategic review process of the Powder River Basin assets.

Samson Resources II said that there is no guaranty that the evaluation of strategic alternatives will result in a transaction. The onshore oil and gas company currently holds nearly 154,000 net acres in the Powder River basin in Wyoming.