Samson Oil & Gas Advisory
November 26 2014 - 8:00PM
Business Wire
Samson Oil & Gas (NYSEMKT: SSN; ASX: SSN):
Debt Facility
Samson Oil & Gas (NYSEMKT: SSN; ASX: SSN) advises that
effective November 24, 2014 it executed, closed and updated its
credit agreement with Mutual of Omaha Bank to increase the
borrowing base of the reserve based lending facility to $19
million, increase the maximum available under the facility to $50
million and decrease the interest rate to 90 day LIBOR plus 3.25%,
which is approximately 3.48%.
The original $25 million facility was initiated in January of
this year and has a current balance of $15.5 million.
The additional borrowing base has been developed from the June
30, 2014 Proved Reserve report which was estimated by the Company’s
independent reserve engineer to have a value of approximately $54.4
million based on a net present value calculation with 10% discount
rate. No fees were paid in respect to this facility increase other
than legal fees associated with the drafting of the documentation
and a commitment fee based on the increase in the borrowing
base.
Samson’s Ordinary Shares are traded on the Australian Securities
Exchange under the symbol "SSN." Samson's American Depository
Shares (ADSs) are traded on the New York Stock Exchange MKT under
the symbol "SSN." Each ADS represents 20 fully paid Ordinary Shares
of Samson. Samson has a total of 2,837 million ordinary shares
issued and outstanding (including 230 million options exercisable
at AUD 3.8 cents), which would be the equivalent of 141.85 million
ADSs. Accordingly, based on the NYSE MKT closing price of US$0.29
per ADS on November 25th, 2014 the Company has a current market
capitalization of approximately US$42.2 million (the options have
been valued at an exchange rate of 0.8593). Correspondingly, based
on the ASX closing price of A$0.016 for ordinary shares and a
closing price of A$0.008 for the 2017 options, on November 25th,
2014, the Company has a current market capitalization of
approximately A$46.5 million.
SAMSON OIL & GAS LIMITED
TERRY BARRManaging Director
Statements made in this press release that are not historical
facts may be forward looking statements, including but not limited
to statements using words like “may,” “believe,” “expect,”
“anticipate,” “should” or “will.” Actual results may differ
materially from those projected in any forward-looking statement.
There are a number of important factors that could cause actual
results to differ materially from those anticipated or estimated by
any forward looking information, including uncertainties inherent
in estimating the methods, timing and results of exploration
activities. A description of the risks and uncertainties that are
generally attendant to Samson and its industry, as well as other
factors that could affect Samson’s financial results, are included
in the prospectus and prospectus supplement for its recent Rights
Offering as well as the Company's report to the U.S. Securities and
Exchange Commission on Form 10-K, which are available at
www.sec.gov/edgar/searchedgar/webusers.htm.
Samson Oil and Gas LimitedTerry Barr, 303-296-3994
(US office) or 970-389-5047 (US cell)CEO