Samson Investment Company was founded in Tulsa, Oklahoma in 1971 when it assumed operations of certain properties in California and began an active acquisition and drilling program. Samson grew in the 1970s and 1980s, shifting focus from crude oil to natural gas to minimize fluctuating oil prices and to capitalize on the growing spread between supply and demand in the natural gas market. The end of the 1980s marked Samson Investment Company’s first international investment in Alberta, Canada; Samson eventually expanded its international portfolio to include assets in Russia, Venezuela, and the North Sea.
In the early 2000s, Samson Investment Company divested of its international assets to concentrate on domestic acquisitions and exploration projects. In January 2005, it completed its largest acquisition, in the San Juan Basin, and began pursuing opportunities in the Bakken and Powder River Basin regions of the Rockies. By 2011, the Company owned approximately 2,000,000 net acres with oil and gas production of approximately 116,000 barrels of oil equivalent per day from over 11,000 wells in 17 states.
In December 2011, Samson Investment Company was acquired by a group of private equity investors for approximately $7.2 billion and Samson Resources Corporation was formed. With the severe downturn in oil and natural gas prices, in September 2015, the Company went into Chapter 11 bankruptcy and during its bankruptcy process, sold several large assets.
On March 1, 2017, the Company emerged from bankruptcy as Samson Resources II, LLC, with approximately 85 new equity investors and assets in East Texas/North Louisiana and the Greater Green River and Powder River basins in Wyoming. In September 2017, the Company sold its assets in East Texas/North Louisiana area for $525 million, which allowed the Company to pay off its existing debt and make a large cash distribution to its shareholders.
Today, we are a nimble, pure play Wyoming exploration and production Operator focused on delivering shareholder return with a balanced and lower risk growth strategy. We have approximately 210,000 net acres located in the Powder River and Greater Green River basins of Wyoming.
As of January 1, 2019, we had approximately 83.2 million barrels of proved reserves using Securities Exchange Commission (SEC) pricing. We produced an average of approximately 6,300 barrels per day (70% liquids) during 2018. The focus for 2019 is continuing to capitalize on the drilling potential across our asset base. We plan to maximize on our strong balance sheet and liquidity to drive strong results from the drill bit.
We are headquartered in Tulsa, Oklahoma.