DENVER & PERTH, Australia--(BUSINESS WIRE)--The payment date on Samson’s outstanding vendor promissory note has been extended by one month to May 1, 2017, and negotiations are continuing with respect to the refinance of this note. The interest payment of $400,000 has been made today, however.
The promissory note was secured by second mortgages against Samson’s Foreman Butte assets through an inter-creditor agreement with Mutual of Omaha Bank. The terms of the agreement grant 180 days before the note holder can exercise any remedies under the 2nd lien mortgage.
Samson’s Ordinary Shares are traded on the Australian Securities Exchange under the symbol "SSN". Samson's American Depository Shares (ADSs) are traded on the New York Stock Exchange MKT under the symbol "SSN". Each ADS represents 200 fully paid Ordinary Shares of Samson. Samson has a total of 3,283 million ordinary shares issued and outstanding which would be the equivalent of 16.4 million ADSs. Accordingly, based on the NYSE MKT closing price of US$0.57 per ADS on April 3rd, 2017, the Company has a current market capitalization of approximately US$9.4 million. Correspondingly, based on the ASX closing price of A$0.003 for ordinary shares on April 3rd, 2017, the Company has a current market capitalization of approximately A$13.1 million.
SAMSON OIL & GAS LIMITED
Statements made in this press release that are not historical facts may be forward-looking statements, including but not limited to statements using words like “may”, “believe”, “expect”, “anticipate”, “should” or “will.” Actual results may differ materially from those projected in any forward-looking statement. There are a number of important factors that could cause actual results to differ materially from those anticipated or estimated by any forward-looking information, including uncertainties inherent in estimating the methods, timing and results of exploration activities. A description of the risks and uncertainties that are generally attendant to Samson and its industry, as well as other factors that could affect Samson’s financial results, are included in the prospectus and prospectus supplement for its recent Rights Offering as well as the Company's report to the U.S. Securities and Exchange Commission on Form 10-K, which are available at www.sec.gov/edgar/searchedgar/webusers.htm.