Samson Oil & Gas Limited (ASX: SSN; NYSE MKT: SSN) provides an advisory.
ROOSEVELT PROJECT, ROOSEVELT COUNTY, MONTANA
Samson previously advised that it entered into an agreement to sell its
interests in the Roosevelt Project in Montana for $13.533 million in
cash, but the buyer failed to close as contracted on July 31st. The
buyer did not advise Samson of any title or environmental problems
during or after the due diligence period. The buyer has been unable to
satisfy Samson that it has the necessary financing for the purchase.
Samson has therefore terminated the agreement with the buyer, allowing
Samson to seek another buyer or to consider the development of the
conventional potential of the acreage.
Samson continues to believe that this contiguous 45,000 acre project (of
which Samson owns 30,000 acres), comprised of multitudes of individual
leases, is a unique and valuable asset, given the effort required to
assemble such an acreage block. Samson therefore still expects to
realize substantial value from the project, through a joint development
project, sale or other means.
About Samson Oil & Gas Limited
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 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$0.63 per ADS on August 12th,
2013 the Company has a current market capitalization of approximately
US$79.95 million (the options have been valued at an exchange rate of
0.9203). Correspondingly, based on the ASX closing price of A$0.036 for
ordinary shares and a closing price of A$0.012 for the 2017 options, on
August 12th, 2013, the Company has a current market capitalization of
approximately A$84.9 million.
For and on behalf of the board of
SAMSON OIL & GAS LIMITED
TERRY BARR
Managing 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.
Copyright Business Wire 2013