Samson had anticipated that drilling results for the Nome-Harder No. 1 well would be comparable to the results obtained on the nearby Nome-Long well also located in Jefferson County, Texas. However, after reaching total depth and being logged, the net pay attributable to the productive zone in the Nome-Harder No. 1 well, the Yegua 5, is less than originally predicted and substantially less than was found in the Nome-Long well. Samson's well log analysis has been confirmed by an independent third party consultant. Completion operations for the Nome- Harder No. 1 are in process.
Samson recently commenced a tender offer to acquire all of the outstanding shares of PYR Energy Corporation. PYR owns an approximate 4.166667% working interest in the Nome-Harder No. 1 well. Samson is currently analyzing the impact of such disappointing results for the Nome-Harder No. 1 well on the $1.21 per share tender offer price.
Samson Investment Company, headquartered in Tulsa, Oklahoma, is a large privately held corporation engaged in oil and gas exploration, acquisition and production operations in 18 states in the United States, Canada, and the North Sea.
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