The sale has an effective date of 1 January 2011 and following this transaction, the company’s cash balance stands at $73.3m.
Samson also said that a frac date has been set for the Earl #1-13H well in Williams County in the US state of North Dakota and frac operations are expected to commence on 4th April this year.
The well was previously drilled to a measured total depth of 17,342ft, and a 5,700ft liner set in the horizontal section.
This horizontal section will be fracced with 20 stages and the treatment is expected to place 2.3 million pounds of proppant, the company said.
