Samson Oil & Gas updates credit agreement

Samson Oil & Gas Ltd.

Samson Oil & Gas Ltd. (NYSEMKT: SSN; ASX: SSN) advises that, effective Nov, 24, it executed, closed, and updated its credit agreement with Mutual of Omaha Bank to increase the borrowing base of the reserve based lending facility to $19 million, increase the maximum available under the facility to $50 million, and decrease the interest rate to 90-day LIBOR plus 3.25%, which is approximately 3.48%.

The original $25 million facility was initiated in January of this year and has a current balance of $15.5 million.

The additional borrowing base has been developed from the June 30 Proved Reserve report which was estimated by the company’s independent reserve engineer to have a value of $54.4 million based on a net present value calculation with 10% discount rate.

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