Samson Oil & Gas Advises on Goshen County Transaction and Operations

by Zagros on August 9, 2020

Samson Oil & Gas Advises on Goshen County
Transaction and Operations in the North Stockyard Oilfield

Samson Oil & Gas Limited (ASX: SSN) (NYSE AMEX: SSN) advises that, pursuant to the amended sales agreement for part of its Goshen County lease holdings, it has now received the required $10 million deposit. The deposit is not being held in escrow and is refundable only if Samson is unable to deliver marketable title to twenty percent (20%) of the contracted properties, other than the expiring leases, at the planned September 6th closing.
As previously advised, Samson has been in discussions with State of Wyoming authorities to establish an Exploratory Unit to alleviate some near term lease expirations. While the Exploratory Unit will not be formed at this time, the State has extended all of the State leases that were to be included in the Unit for a period of twelve months. As a result, all of the extended State leases are now qualified as compensable properties under the Goshen County sales agreement.

In addition, Samson has filed applications to drill wells on four State leases (outside of the previously proposed Unit), to protect these leases from expiration and qualify them as compensable properties under the sales agreement. Three of these applications have been granted and the fourth is pending. Since these applications were submitted, the buyer of the Goshen County properties has indicated that it would prefer a slightly different orientation to the proposed well track and therefore the applications will be amended.
Read More

Related Blogs

Leave a Comment

Previous post:

Next post: