Samson Investment Company and Subsidiaries - Page 23

                                       - 23 -                                         

          also acquired Eason Drilling Division (Eason Division) and                  
          Crescent (Crescent Division), both operating divisions of Eason,            
          and Crescent Pipe & Supply Co. (Crescent), a wholly owned                   
          subsidiary of Eason.  Samson depreciated rigs and related                   
          equipment that it acquired through the purchase of Eason and                
          Crescent.                                                                   
               Eason was organized in the 1950's and was based in Oklahoma            
          City, Oklahoma.  Eason was an independent oil and gas company               
          that operated as a drilling contractor and had ownership                    
          interests in oil and natural gas properties.  In 1977, Eason                
          became a wholly owned subsidiary of ITT Corp.  As of August 31,             
          1988, Eason owned:  (1) Ten drilling rigs with related equipment;           
          (2) one rig yard located in Oklahoma City, Oklahoma; (3) the                
          inventory of Crescent Division; (4) assets, equipment, and                  
          improvements to real property relating to the operations of                 
          Eason, Eason Drilling, Crescent Division, and Crescent; (5)                 
          contract rights, including those arising from certain safe harbor           
          leases; (6) trade receivables from unaffiliated third parties;              
          (7) capital stock and security interests; and (8) a note                    
          receivable from Speller Oil Corp. to Crescent Division dated                
          November 27, 1985, due and payable on December 1, 1988.  Eason's            
          10 rigs had been used by an Eason company in drilling operations            
          before Samson acquired Eason's stock.  At the time of its                   
          acquisition, Eason had only one rig drilling a well.  After it              
          completed that well in October 1988, none of the Eason rigs were            



Page:  Previous  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29  30  31  32  Next

Last modified: May 25, 2011