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Samson Resources Compromise Approved

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The U.S. Bankruptcy Court approved Samson Resources’ settlement by and between the Debtor and Continental Resources.

As previously reported, “The Settlement generally provides, upon the entry of a final order approving the Settlement: Continental shall withdraw its Proof of Claim and pay Samson an aggregate amount of $1,833,631.96 on account of the following: $1,734,395.64 on account of the Samson production proceeds; plus $911,414.91 on account of netted JIBs; plus $1,104,843.93 on account of refunded Cash Calls; plus $833,804.98 on account of three revenue checks; minus $2,750,827.50 on account of the reduced Proof of Claim, which, by agreement, excludes the LEEA Claim; Continental will prepare, execute, and record releases of the Lien Statements.”

In addition, “Samson shall timely pay Continental for all future JIBs related to the Continental Wells; and Continental shall timely pay Samson for all future proceeds from the sale of oil and gas attributable to Samson’s working interests in the Continental Wells.”

Read more oil & gas bankruptcy news.

The post Samson Resources Compromise Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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