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Contact:
Hank Winfield
Executive Vice President & Chief Financial Officer– Samson Investment Company
E-mail: hwinfield@samson.com
Telephone (918) 591-1297
SAMSON ANNOUNCES JOINT VENTURE IN POWDER RIVER BASIN
Tulsa, Oklahoma (December 9, 2002) – Samson Investment Company, Tulsa, Oklahoma today announces a joint venture with Prima Energy Corporation to jointly develop coal bed methane reserves on 11,600 gross acres in the Powder River Basin. Both Prima and Samson contributed acreage and existing production to the joint venture. Prima is currently initiating operations on sixteen wells included in the initial-stage pilot in this area and preliminary plans for 2003 call for drilling an additional thirty coal wells. Ownership interests in the contributed assets were conformed to the joint venture sharing ratio which calls for Samson to own 40% and Prima to own 60% in the wells and leases contained in the joint venture area.
Samson continues to look for acquisitions and joint venture opportunities in the Rockies with a primary focus in the Greater Green River and Uinta Basins.
Samson Investment Company is engaged in oil and gas exploration, acquisition and production operations in the United States, Canada, Venezuela, Brazil and Russia. The Company continues to seek additional oil and gas business opportunities both within and outside its current areas of operation. More information regarding Samson can be found at http://www.samson.com.
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