Samson sells Northwest Louisiana and East Texas assets to Rockcliff Energy
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.”
https://www.bizjournals.com/houston/news/2017/08/02/houston-energy-...
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Replies to This Discussion
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Permalink Reply by JHH on
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Kathy,
Sure hope so. have lots of minerals with Samson. it's been depressing.
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Permalink Reply by JHH on
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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!
jack
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Permalink Reply by jffree1 on
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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.
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You're welcome. I'm not as busy as I'd like to be but hanging in there.
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Permalink Reply by JHH on
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where is that well? In southern or northern Panola? thanks for the information
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Permalink Reply by olddog573 on
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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.
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Permalink Reply by JHH on
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I hope they keep their jobs. If lost, it might be an indication of the company's plans to maintain the wells for the long-term... unless they want to hire their own people. I'd hate to see the well sites and roads deteriorate.
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