Samson managing director and chief executive Terry Barr said the company decided to sell its interest in the Amber Field because, with no drilling planned, it held little prospect for growth.

"With the sale, we have reduced our debt and increased our capacity to invest in new developmental and exploratory drilling programs," he added.

Samson said it would use $US2.94 million of the proceeds to repay a portion of its outstanding convertible note facility with Macquarie Bank, and use $US60,000 to forward swap 50 billion British thermal units at $6.03 from January 2009 to October 2009.

The company had a 37.5% and 32.5% working interest in 1280 acres of the field with 9 producing wells.