Samson Oil and Gas has been extremely productive in the northeastern corner of Montana, providing rapid results for Fort Peck Energy. So, productive they became of interest and this week purchased by an investor group consisting of Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates, "KKR"), Natural Gas Partners ("NGP"), Crestview Partners ("Crestview") and Itochu Corporation ("ITOCHU"). The group is calling itself KKR & Co. LP and Friday signed an agrement to purchase Samson for $7.2 billion.
Under the terms of the agreement, the Investor Group will acquire all of Samson's assets with the exception of its onshore Gulf Coast and offshore deep water Gulf of Mexico assets.
The company committed to hold on to commitments made by Samson. KKR's co-founder and co-CEO Henry Kravis said “We are very excited to support the continued growth of Samson. The Schusterman family has built a remarkable company with an extraordinary culture. We feel very fortunate to have the opportunity to carry on their commitment to employees, to communities, and to the safe and profitable development of domestic energy resources.”
Current Chief Operating Officer David Adams will be named CEO and the company will be re-named Samson Resources. He had praise for the founders of Samson Oil, Stacy and Lynn Schusterman, and said that he is confident that “Samson will continue to prosper, provide rewarding careers and be an outstanding corporate citizen in each of the communities in which we work.”
The agreement is subject to regulatory approval and customary closing conditions and is expected to be completed by the end of the fourth quarter 2011.
Comments