(Sheridan, Wyo) Samson Resources II, LLC’s Board of Directors has approved the Company’s commencement of a drilling program to drill five operated wells on the Company’s Fort Union property located in Sweetwater County, Wyoming, as well as an accelerated permitting program in the Powder River Basin of Wyoming.
The company was known as Samson Resources Corporation before they filed for Chapter 11 bankruptcy protection on September 16, 2015, citing $4.2 billion in debt.
At one time they claimed to be the largest privately held company of crude oil and natural gas in the United States, and in 2014 were the 11th largest oil-producer in Wyoming. They emerged from the chapter 11 reorganization at the beginning of 2017.
In August, the board of directors approved the sale of Samson’s East Texas and North Louisiana assets, leaving approximately 146,000 net acres in the Powder River Basin and approximately 59,000 net acres in the Green River Basin as the remnants of an empire that once included operations in Canada, Russia, Venezuela, and the North Sea.
The drilling program at the Fort Union property will entail using two rigs to drill five operated wells in the Fort Union formation, a liquids rich gas formation at a cost of $2.9MM per well. The Company will employ a modern completion design to stimulate the reservoir, commonly known as “fracking.” First sales are expected in the 1st quarter of 2018.
In addition to this drilling program, the Company has embarked on an aggressive State and Federal permitting program across its assets in the Powder River Basin of Wyoming in anticipation of an active drilling program in the second half of 2018 when the next regulatory drilling window is open.