9:34AM Samson Oil & Gas trading 15% lower after the co announced delay to closing of sale of 24,166 acres in Goshen County (SSN) US$1.15 (-0.20c).
Co agreement to sell 24,166 acres in Goshen County, Wyoming, for a cash purchase price of between $61-79 million has been delayed by the effects of the extraordinary increase in leasing activity in Goshen County. In order to give the purchaser an opportunity to review the land title records in Goshen County, to which access is currently being limited by the County because of a flood of requests, the parties have agreed that the buyer will deposit $10 million with Samson on August 5th, with the balance of the cash due on a final closing date of September 5th. The extraordinary increase in leasing activity in Goshen County has resulted in a rationing of the time for which any individual is granted access to the County's land title records, which are maintained in a relatively small facility in Torrington, Wyoming. County officials have been forced to create a roster and schedule to ensure fair and equal access to the records in response to the unprecedented demand. As a result, the buyer's representatives have been unable to complete their due diligence on the land titles associated with the Samson leases.
SSN Price at posting:
6.6¢ Sentiment: Hold Disclosure: Held
