SAMSON Oil & Gas has raised over $5.8 million from shareholders to fund the planned drilling and completion of three wells at its North Stockyard project in North Dakota.
The company placed 65 million ordinary shares at 2 cents each with Australian investors and over 11.2 million American depository shares with US-based investors to raise the money.
The placement included options to purchase an additional 3 shares for every 10 shares subscribed for at an exercise price of 3.3 Australian cents.
Samson said proceeds from the placement would be put towards the planned drilling and completion of the four Three Forks wells in its North Stockyard project (Bootleg 5-14-15, Bootleg 5-14-16, Ironbark 5-14-13 and Ironbark 4-14-14) as well as for working capital.
This, together with further draw-downs on the company’s reserves-based credit facility from Mutual of Omaha, would see Samson’s current exploration and development plans funded for the balance of 2014 and into 2015.
Samson has a 32 per cent working interest in the North Stockyard field, located in the Williston basin in North Dakota.