Samson Oil & Gas Ltd. intends to proceed with a new $30-million debt facility following the cancellation of its proposed Foreman Butte Project sale by Firehawk Oil & Gas LLC, Denver (OGJ Online, Jan. 23, 2018).
The sale, a divestiture of substantially all of Samson’s assets for $41.5 million, was terminated as Firehawk was unable to complete its financing plan for the transaction.
Dependent upon transactional expenses, Samson will proceed with refinancing for funds to repay its existing lender in full and to provide working capital for recommencement of its development drilling program. If expenses cannot be meaningfully reduced, the company said, another asset sale may be pursued.
