CASPER, Wyo. — Samson Oil and Gas Ltd. is selling its natural gas assets in the greater Green River Basin.
The Australia-based company is selling assets in the Jonah and Lookout Wash fields for $6.3 million to a "group of private buyers," Samson said in a media release.
The sale by the company is expected to close by March 30.
"The sale of these gas assets is consistent with the business strategy Samson announced in October 2010, allowing Samson to focus on developing its two oil plays, the Bakken Formation in North Dakota and the Niobrara Formation in Wyoming," Samson said in the statement.
Samson also plans to become debt-free by May when a $9.7 billion debt facility matures.
The sale of the properties will net Samson a tax benefit of approximately $8 million since the tax loss from the sale offsets income tax liability incurred by a sale of acreage in Goshen County in November, the company said.