Samson 50% Working interest
Samson acquired the right to earn a 50 percent interest in the Gold Coast Coal Bed Methane Project (GCCBM) in the Green River Basin, Wyoming.
Samson will sole fund an investigative core hole, which will be drilled as soon as practical. The location of the core hole has been approved by the regulatory authorities and while the rig market generally remains tight, rigs to achieve the depth required for the core hole are more readily available than deeper rigs.
If the core hole returns adequate results in terms of gas saturation and gas content, Samson has the right but not the obligation to develop and solely fund several pilot production facilities, which will ultimately earn a 50% working interest across the entire 47,000-acre area.
The area is prospective for both coal bed methane and conventional gas; however, this transaction involves the stratigraphic section down to the base of the Fort Union Formation.
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