Samson had a 37.5% and 32.5% working interest in 1,280 acres with nine producing wells.
Samson will use $2.94 million of the proceeds to repay a portion of its outstanding convertible note facility with Macqaurie Bank and $60,000 to unwind 50,000 million British thermal units (mmbtu) of its $6.03 forward swap from January 2009 to October 2009.
Terry Barr, managing director and CEO of Samson, said: We chose to dispose of the Amber field because, with no drilling planned, it held little prospect for growth. With the sale, we have reduced our debt and increased our capacity to invest in new developmental and exploratory drilling programs.
