Samson Oil and Gas USA Inc., a wholly owned subsidiary of Samson Oil and Gas Ltd. (ASX: SSN; NYSE MKT: SSN), has received confirmation from its primary lender of its willingness to expand Samson’s borrowing base up to $30.5 million to enable the acquisition of the targeted producing properties in the Williston Basin. This expansion is conditional upon closing the acquisition and subject to acceptable final documentation.
Samson currently expects to close the transaction before the end of the current quarter.
Separately, Samson and Haliburton have reached a settlement agreement with respect to their outstanding litigation. While both parties continue to deny the various claims made in the Harris County, Texas, litigation between them, Haliburton has agreed to pay Samson $725,000 in cash and to cancel Samson’s prior obligation to release $172,000 in revenue held in suspense from the jointly owned Defender well in Goshen County, Wyoming. The funds are expected to be received by Samson on April 11.