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Item 1.01
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Entry into a Material Definitive Agreement.
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Amendment to Purchase Agreement
On September 28, 2018, Samson Oil and
Gas USA, Inc. (“Samson USA”), a wholly owned subsidiary of Samson Oil & Gas Limited (the
“Company”), and Eagle Energy Partners I, LLC (“Eagle Energy”) amended its Purchase and Sale Agreement
dated June 12, 2018 (the “Purchase Agreement”) pursuant to which Eagle Energy agreed to purchase the leases,
contracts, wells, property and other assets comprising the Foreman Butte Project. By the amendments, the closing date for the
transaction contemplated by the Purchase Agreement has been extended to October 15. As a condition to the Company’s
agreement to extend the closing date, Eagle Energy’s remaining $700,000 earnest money deposit was released from escrow
to the Company.
The foregoing description of the terms of
the amended Purchase Agreement is not complete and is qualified in its entirety by reference to the complete text of the Purchase
Agreement amendment, which is attached as Exhibit 10.1 hereto and incorporated by reference herein.
Amendment to Forbearance Agreement
On September 28, 2018, the Company, the
Company’s primary lender, Mutual of Omaha Bank (the “Bank”) and certain affiliates of the Company, including
Samson USA and Samson Oil and Gas USA Montana, Inc., amended the previously disclosed Agreement, dated as of June 14, 2018 (the
“Forbearance Agreement”), pursuant to which the Bank and other lenders under the Credit Agreement dated as of January
27, 2014, as amended (the “Credit Agreement”) agreed to forbear from exercising their rights and remedies under the
Credit Agreement, including the right to accelerate the repayment date for the Company’s outstanding debt, until August 10,
2018 (the “Forbearance Termination Date”). By the amended Agreement, which was conditioned upon the effectiveness
of the concurrent effectiveness of the amendment to the Purchase Agreement described above, the Bank agreed to extend the Forbearance
Termination Date to October 15, 2018.
The foregoing description of the terms of
the amended Agreement is not complete and is qualified in its entirety by reference to the complete text of the amended Agreement,
which is attached as Exhibit 10.2 hereto and incorporated by reference herein.