Samson Investment, Pyr Energy agree to takeover, offer extended

Journal Record, The (Oklahoma City), Apr 25, 2007 by Kirby Lee Davis

With a definitive merger agreement with Pyr Energy in hand, Samson Investment Co. on Wednesday extended its tender offer to May 24.

This agreement mirrored the initial pact announced two weeks ago, which was to expire Tuesday. Samson subsidiary Samson Acquisition Corp. will pay $1.30 per share for Pyr's 37.99 million outstanding shares, totaling $49.4 million.

Trading on the American Stock Exchange, shares for Denver-based Pyr rose 3 cents Tuesday to close at $1.27. Volume totaled 615,100 shares, almost five times its daily average.

Samson first offered to buy out Pyr in January, offering $1.23 per share. When Pyr hesitated, Samson revised its offer for just Pyr's properties in Jefferson County, Texas.

The buyout turned into a takeover attempt in March, with Samson lowering its price to $1.21 per share. Two weeks ago Pyr's board of directors then agreed to a tentative buyout at $1.30 a share.

Dennis R. Neill, senior vice president of privately held Samson, has equated the deal to a property acquisition. Both firms have pursued the development of wells in Jefferson County.