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you are absolutely right , could be even

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klimanjaro   Saturday, 07/28/18 09:46:35 AM
Re: Lcbm68 post# 2179
Post # of 2187 
you are absolutely right , could be even more than 100%+. I ve been following this for quite some times.Already registered for PR releases from co website. Looking to take a position this week. LOOK OUT for AUGUST 6TH shareholder approval:
But do me and yourself a favor : check out TXSO

Samson Oil & Gas Refinancing
June 26, 2018 09:58 PM Eastern Daylight Time
DENVER & PERTH, Australia--(BUSINESS WIRE)--Samson Oil and Gas USA, Inc, a wholly-owned subsidiary of Samson Oil and Gas Limited (ASX:SSN and OTCQB:SSNYY), has entered into a Purchase and Sale Agreement (PSA) with Eagle Energy Partners I, LLC (Eagle) for the sale of Samson’s Foreman Butte Project located in the Williston Basin in North Dakota and Montana, effective January 1, 2018, for cash consideration of US$40 million (subject to customary adjustments).

The PSA provides for a US$1 million deposit that is fully refundable if Samson shareholders do not approve the transaction or Eagle finds title or environmental defects above a prescribed threshold, and is partially refundable if Eagle has not secured sufficient debt financing to complete the transaction.

Samson will also retain a non-operated 15% working interest in the Home Run Field, which is believed to contain the bulk of the identified upside of the project.

A shareholder meeting to seek approval for the transaction is currently planned for August 6th.


The transaction will allow Samson to retire all of its debt, meet all of its other liabilities and retain a cash balance of approximately US$6.7 million. The retention of a 15% working interest in the Home Run Field will allow Samson to participate in development of the Proved Undeveloped Reserves within the Ratcliffe Formation associated with the Home Run Field along with the Probable Reserves within the Nesson Formation in the same field. Samson has previously identified 26 well locations with the Ratcliffe Formation that could be drilled out of the existing well bores. The Nesson Formation opportunity includes 10 vertical wells in a well-defined structure which was proven to be productive from the Nesson Formation when penetrated in the Banks well, but for mechanical reasons has remained undrained.

Eagle has advised Samson that it intends to develop these opportunities, including 9 wells in the balance of 2018 and another 9 wells in 2019. Samson expects to have sufficient funding to participate in this drilling program. Samson will also be able, if it so determines, to propose and drill some of these wells for its own account pursuant to the Joint Operating Agreement to be entered into with Eagle at closing.

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