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Samson Resources Sale Approved

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The U.S. Bankruptcy Court issued an order authorizing the sale of Samson Resources’ “Permian Minerals” asset package free and clear of all liens, claims, encumbrances and interests, the Debtors’ entry into and performance of their obligations under the asset purchase agreement and ancillary agreements.

The order states, “Upon the motion and the supplement to the Motion authorizing the sale of the Assets (as defined in the Stone Hill Agreement to Stone Hill Minerals Holdings, the Buyer), pursuant to the Asset Purchase Agreement between Samson Resources Company, Geodyne Resources, Samson Lone Star and the Buyer…establishing bidding procedures, approving the sale…identifying the Buyer as the successful bidder for the assets…the Court having found that the relief requested in the Motion is in the best interest of the Debtors and their estates, their creditors and all other parties in interest…It is hereby Found and Determined that…the consummation of the transactions contemplated by the Stone Hill Agreement and this Order is legal, valid and properly authorized under all applicable provisions of the Bankruptcy Code and Rules and the Debtors and the Buyer have complied with all of the applicable requirements of such sections and rules in respect of such transaction….Pursuant to the terms of the bidding procedures, the transaction contemplated by the Stone Hill Agreement was the highest and best bid for the assets at the auction and therefore was designated as the Successful Bid.”

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