CSG

Samson to work on new Wyoming CBM project

SAMSON Oil and Gas is funding an investigative core hole to earn the right to acquire a 50% working interest in a coalbed methane project in Wyoming’s Green River Basin.

Samson to work on new Wyoming CBM project

To achieve its interest in Green River, Samson will first fund all the costs of the core hole.

If the core returns adequate results for gas saturation and content, Samson has the right, but not the obligation, to develop and solely fund several pilot production facilities.

Building these facilities would ultimately earn Samson the half-share interest across the 47,000-acres that is prospective for both coalbed methane and conventional gas, managing director Terry Barr said.

This transaction involves the stratigraphic section down to the base of the Fort Union Formation, and it is therefore strictly a coalbed methane opportunity.

Barr said while the rig market remains tight, the equipment needed to reach the depth for the core hole was more readily available than deeper rigs.

The Perth explorer currently has interests in 122,500 acres of production, development and exploration properties in the state - the fastest growing region in the US for gas and coalbed methane, Barr said.

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