August 29, 2016 10:02 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Samson Resources Corporation

Company Overview

Samson Resources Corporation, an independent oil and gas company, engages in the exploration, development and production of oil and natural gas properties located onshore in the United States. The company operates projects primarily in the Rocky Mountain, Mid-Continent, and East Texas regions. As of December 31, 2014, it had proved reserves of approximately 1.5 trillion cubic feet equivalent; had approximately 1.6 million net acres under lease; and owned interests in approximately 7,354 gross productive wells. The company was founded in 1971 and is headquartered in Tulsa, Oklahoma. On September 16, 2015, Samson Resources Corporation, along with its affiliates, filed a voluntary petition for ...

Samson Plaza

Two West Second Street

Tulsa, OK 74103

United States

Founded in 1971

997 Employees

Phone:

918-591-1791

Fax:

918-591-1796

Key Executives for Samson Resources Corporation

Chief Executive Officer, President and General Counsel
Age: 53
Chief Financial Officer and Executive Vice President
Age: 54
Chief Operating Officer and Executive Vice President
Age: 46
Chief Accounting Officer and Vice President
Age: 40
Vice President of Information Services & Technology
Age: 52
Compensation as of Fiscal Year 2016.

Samson Resources Corporation Key Developments

Amended Reorganization Plan Filed by Samson Resources Corporation

Samson Resources Corporation, along with its affiliates, filed an amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on May 16, 2016. As per the amended plan filed, First Lien claims of $945.15 million shall exchange its claim with exit RBL facility and the loans in the exit term loan first-out tranche, receive cash on hand as of the effective date, and new common stock rights. General unsecured claims shall receive 5% of new common stock and beneficial interests in the settlement trust and the settlement trust recovery proceeds. Convenience claims shall receive cash equal to its pro rata share of $0.30 million. The plan shall be funded by cash, asset sale, Exit RBL facility of $530 million, Exit Term Loan First-Out Tranche of $30 million and rights issue. No other changes were made in treatment of claim classes.

Motion for Asset Sale Approved for Samson Resources Corporation

The US Bankruptcy Court gave an order approving the procedures for sale of de-minimis assets of Samson Resources Corporation on May 3, 2016. The debtor has been authorized to sell its de-minimis assets in any individual transaction or series of related transactions to a single buyer or group of related buyers with a sale price equal to or less than $2.5 million. If the sale price is below $0.05 million, then debtor will consummate the transaction without further Court order and for the sale price of between $0.05 million to $2.5 million, debtor will consummate the transaction without further Court's approval and will file notice of sale, at least 10 days prior to closing.

Motion for Asset Sale Approved for Samson Resources Corporation

The US Bankruptcy Court approved the sale of certain assets of Samson Resources Corporation on April 29, 2016. The debtor has authorized to sell its aircraft to Avpro, Inc. for $2.90 million, as per the letter of intent signed on April 1, 2016. Buyer has deposited $0.15 million in escrow upon execution of the agreement.

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Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
September 16, 2015
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