Samson Resources II said Tuesday it has reached an agreement to sell assets in east Texas and Louisiana for $525 million to Rockcliff Energy II LLC.
A news release said the proceeds will be used to pay down debt and finance capital projects.
“We are very pleased with the outcome of a robust marketing process for our East Texas and North Louisiana assets," said Joseph A. Mills, President and Chief Executive Officer of Samson in a statement.
"Rockcliff Energy is a top tier oil and gas operator with a long successful history in the East Texas basin and the purchase price is reflective of the quality of the Samson assets in this area. I also want to thank the Samson employees for all their hard work and dedication during this process to obtain a very positive outcome for the Company.”
I hope this turns out to be good for all of us Samson mineral owners. I had noticed Samson posted their June production in late July and they normally would not have posted this data until early August so I thought something must be happening on the sale. Kathy
Sure hope so. have lots of minerals with Samson. it's been depressing.
I agree Jack. Hopefully, Rockcliff will operate with lower operating expenses:).
This may not work out, because we are so far apart ($150 p/a offer & 1/5th) but a landman out of Tyler is negotiating a lease with us for a new company out of Tyler we had never heard of. He said they want to drill a Haynesville depth well. I will let you know what happens. Kathy
I have not see any evidence that Rockcliff actually drills for oil and gas. I could be wrong... but I thought the company was just an investment operation and will turn the mineral assets for a profit. Hopefully they have a drilling operation. Maybe someone will correct me?
Wish all the best in 2017-2018!
Rockcliff filed for a permit in Panola Co. on the 7th of Aug. for a ~7300' hz. HA well. It looks like they have acquired the Devon acreage that Sheridan Production bought last year. They are also filing a few leases in Panola but I haven't looked at the Harrison Co. records so can't say about that county.
Thanks Julie. I hope you are staying busy. Kathy
You're welcome. I'm not as busy as I'd like to be but hanging in there.
where is that well? In southern or northern Panola? thanks for the information
~3 miles NE of Carthage, just outside the loop.
Thanks. still away from our property in northern Panola.
Im hopeful this will be good for us Samson guys. Anyone know how good an operator they are? I was told they maybe some ex JW guys.
Rockcliff Mgmt Team