The Company also closed on the sale of 8,500 non-core acres in Johnson County, Wyoming to another undisclosed buyer
Samson Resources II, LLC (“Samson” or the “Company”) announced today that it has successfully closed the sale of its Greater Green River basin assets to an undisclosed buyer. The effective date of the sale was July 1, 2019. The Company also closed on the sale of 8,500 non-core acres in Johnson County, Wyoming to another undisclosed buyer. The Johnson County acreage had no associated production.
The sale proceeds will be used for general corporate purposes and for the payment of a distribution totaling $46.0M ($2.00 / Class A Unit) (the “Special Distribution”) to be paid on November 20, 2019 to unitholders of record as of the close of business on November 1, 2019. Investors can access additional information about the Special Distribution on the Samson Investor Relations website.
Joseph A. Mills, President and CEO of the Company stated, “We are very pleased to announce the closing of the sale of our Greater Green River basin assets, certain non-core Powder River Basin assets and the payment of a Special Distribution to our Investors. 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.”
Jefferies LLC is the Company’s financial advisor and led the marketing process of the Greater Green River basin asset and will lead the strategic review process of the Company’s Powder River Basin assets.
There is no assurance that the evaluation of Strategic Alternatives will lead to a transaction. The Company does not intend to disclose or comment on developments related to the process unless the Company has determined that further disclosure is appropriate or required by law.
Source: Company Press Release