Now that the Bong is ready to go, do we get some more cash?
The sale agreement calls for Samson to receive cash consideration of up to $5.562 million. Along with the undeveloped acreage, Samson will transfer a 25% interest in the drilled but not yet completed Billabong and Sail and Anchor wells. The cash portion of the purchase price is subject to the delivery of a useable wellbore in Billabong, valued by the agreement at $891,000, and other customary post-closing adjustments.
SSN Price at posting:
2.2¢ Sentiment: Hold Disclosure: Held
