Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) advises that it has entered into an agreement to sell its interests in the Roosevelt Project in Montana for $13.533 million in cash, subject only to the completion of specified due diligence by the buyer.
The agreement calls for the sale of Samson’s interest in approximately 30,000 net acres, its interest in wells Australia II, Gretel II and Abercombie and the leases comprising the drill spacing units for these wells. The transaction is due to close on or before July 31 st.
Samson plans to deploy the cash raised by this transaction into the development of Samson’s North Dakotan, Bakken North Stockyard project.
About Samson Oil & Gas LimitedSamson’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 2,326 million ordinary shares issued and outstanding (including 97,307,525 million options exercisable at AUD 3.8 cents), which would be the equivalent of 116 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.42 per ADS on June 24th, 2013 the Company has a current market capitalization of approximately US$47.29 million (the options have been valued at an exchange rate of 0.92). Correspondingly, based on the ASX closing price of A$0.022 for ordinary shares and an indicated price of A$0.0075 for the 2017 options, on June 24th, 2013, the Company has a current market capitalization of approximately A$49.76 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.”