Samson Oil & Gas Finalises Financing for Acquisition
March 14 2016 - 8:30PM
Business Wire
Samson Oil and Gas USA Inc. (a wholly owned subsidiary of Samson
Oil and Gas Limited (ASX: SSN; NYSE MKT: SSN)) has received
confirmation from its primary lender of its willingness to expand
Samson’s borrowing base up to $30.5 million to enable the
acquisition of the targeted producing properties in the Williston
Basin. This expansion is conditional upon closing the acquisition
and subject to acceptable final documentation.
Samson currently expects to close the transaction before the end
of the current quarter.
Separately, Samson and Haliburton have reached a settlement
agreement with respect to their outstanding litigation. While both
parties continue to deny the various claims made in the Harris
County, Texas litigation between them, Haliburton has agreed to pay
Samson $725,000 in cash and to cancel Samson’s prior obligation to
release approximately $172,000 in revenue held in suspense from the
jointly owned Defender well in Goshen County, Wyoming. The funds
are expected to be received by Samson on 4/11/16.
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 200 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
14.185 million ADSs. Accordingly, based on the NYSE MKT closing
price of US$1.13 per ADS on March 14th, 2016, the Company has a
current market capitalization of approximately US$16.2 million (the
options have been valued at an exchange rate of 0.7587).
Correspondingly, based on the ASX closing price of A$0.006 for
ordinary shares and a closing price of A$0.001 for the 2017
options, on March 14th, 2016, the Company has a current market
capitalization of approximately A$17.3 million.
SAMSON OIL & GAS LIMITEDTERRY 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.
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Samson Oil and Gas LimitedTerry Barr, CEO303-296-3994 (US
office)