Samson Oil & Gas will acquire up to 364 square kilometres of oil and gas leases in the Fort Peck Indian Reservation in Montana, US, from Fort Peck Energy for an undisclosed sum.
Samson will fund its acquisition costs and the drilling of the initial two appraisal wells from its existing cash resources.
The firm has scheduled to drill the first well in September, followed by drilling of the second well to a total depth of 4,500ft laterals in the middle Bakken formation and then fracture-stimulated using a multi-stage, external casing packer completion technique.
Samson has contracted Halliburton's consulting and project management business line to provide well construction planning, drilling and completion supervision for the initial two wells.
The Roosevelt Project acquisition will take place in three phases.