Samson II is a privately held onshore exploration and production company headquartered in Tulsa, Oklahoma. The Company has significant acreage positions in East Texas, the Powder River Basin and the Green River Basin that, taken together, comprise approximately 450,000 net acres and the Company produces approximately 140 MMCFE/day of oil, natural gas and NGL’s. The Company, in consultation with its new Board of Directors and CEO, plans to conduct a strategic review of its asset portfolio and development plan in order to maximize value for its stakeholders.
“It is a great pleasure and honor to work with the new ownership group and the employees to develop and implement our new strategic direction and further strengthen the company’s capital structure and operations,” stated Joseph A. Mills, President and Chief Executive Officer of Samson II. “I look forward to helping build shareholder value and an organization that will be a credit to the management team and our workforce, who have been highly supportive during our restructuring process. I would also like to thank Andrew Kidd and the previous management team for their dedication and perseverance in guiding the company during the bankruptcy process.”
Mr. Kidd stated, “Its emergence from Chapter 11 will allow the Company to move past a challenging period for SRC and others in this industry and once again devote full attention to running its business as our industry continues its recovery. We thank all of our employees, customers, partners, restructuring advisors and financial stakeholders for supporting us throughout this process, and I wish Joseph and all of my SRC colleagues the very best as they take their next steps.”
New Board of Directors
In accordance with the Plan, Samson II has appointed a new Board of Directors consisting of Matthew W. Bonanno, Partner at York Capital Management; Eugene I. Davis, Chairman and Chief Executive Officer at Pirinate Consulting Group; Phillip A. Gayle, Jr., Managing Partner at Millennial Energy Partners; Joseph A. Mills, Chief Executive Officer of Samson Resources II, LLC and L. Spencer Wells, Partner at Drivetrain Advisors. Joseph A. Mills will also serve as Samson II’s President and Chief Executive Officer and Eugene I. Davis will also serve as Chairman of the Board.
Additional information about SRC and its Chapter 11 case is available at www.GardenCityGroup.com/cases/SamsonRestructuring. General inquiries may be directed to the Company’s dedicated restructuring hotline at (888) 547-8096 or emailed to SMNInfo@gardencitygroup.com. The Company also has established a dedicated vendor hotline at (918) 591-1306 or SamsonVendors@gardencitygroup.com.
In this press release, all statements that are not purely historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the words “believe,” “expect,” “anticipate,” “project,” plan,” “estimate,” intend,” “potential” and other similar expressions. Forward-looking statements are based on currently available business, economic, financial and other information and reflect management’s current beliefs, expectations and views with respect to future developments and their potential effects on Samson II. Actual results could vary materially depending on risks and uncertainties that may affect Samson II and its business. Samson II’s actual actions and results may differ materially from what is expressed or implied by these statements due to a variety of factors, including (a) the ability of Samson II to perform well and compete effectively upon its emergence from bankruptcy, (b) the impact of restrictions in Samson II’s exit financing on its ability to make capital investments and pursue strategic growth opportunities, (c) the ability of Samson II to continue to attract and retain qualified employees following emergence, and (d) other risks and uncertainties as disclosed by Samson II in the future. Samson II assumes no obligation to update any forward-looking statement made in this press release to reflect subsequent events or circumstances or actual outcomes.