Tulsa, Oklahoma, October 22, 2019 – Samson Resources II, LLC (“Samson” or the “Company”) announced today that the Company’s Reserve Based Lending facility has been adjusted for the divestiture of the Green River Basin assets and was redetermined during the 2019 fall semi-annual re-determination process at $100 million. Samson ended the third quarter of 2019 with approximately $44 million of cash and no borrowings on the reserve based lending facility.
Joseph A. Mills, President and CEO of the Company stated, “We want to thank our bank group for their continued support of Samson during this time of volatile capital markets. Samson’s partnership with our bank group is an important element in our oil-weighted development plan as a pure play Powder River Basin company. Samson’s undrawn $100 million reserve based lending facility will help facilitate the Company’s robust organic growth in the Powder River Basin during 2020.”
Samson is a privately held onshore exploration and production company headquartered in Tulsa, Oklahoma. The Company holds approximately 154,000 net acres in the Powder River Basin in Wyoming.