Tulsa-based Samson Investment begins tender offer

Journal Record, The (Oklahoma City), Mar 29, 2007 by Journal Record Staff

Samson Investment Co. on Wednesday began a tender offer to buy the common stock of Pyr Energy Corp. for $46 million.

Tulsa-based Samson announced plans in January to buy Denver- based Pyr. Earlier this month, Samson reduced its offer to $1.21 per share from $1.23 per share.

The offer is expected to expire April 24.

Pyr's exploration activities focus on the Rocky Mountains, Texas and the Gulf Coast. For the fiscal year ended Aug. 31, Pyr revenues rose 69 percent to $10.3 million. Net income totaled $2.3 million.

Privately held Samson has oil and gas exploration and production operations in 18 states, Canada and the North Sea.