Perth-based Samson Oil & Gas Ltd announced on Friday that it has sealed a binding deal with a large US-based oil and gas producer for large-scale acquisition of the junior company's US estate to the tune of $US79 million or $A91.5 million.

Samson said that it is set to turnover up to 24,166 acres out of the company's 40,240 acre holdings in Goshen County, Wyoming which could eventually fetch an estimated pre-tax purchase price of between $US61 million to $US79.

The company has been on the lookout for an industry partner for its Goshen County project, according to a statement released by Samson on the same day.

In authorising the sale, Samson said that the company's board of directors recognised "that full development of the project would require more capital than was then available to the company so that a partial sale of its holdings would be prudent to realise the maximum value from the project."

To be covered by the agreement, which should be finalised by July 26, is Samson's right to retain an average of 4.8 percent royalty interest in the southern portion of the sprawling acreage.

Samson would also be able to repay a debt facility that is set to mature in May 2011 once the deal has been wrapped up, with the remaining proceed to be used on funding the company's business activities in the United States.

As of 1402 AEST, Samson stocks were trading at four cents, gaining by 0.7 cents or 21.21 percent with a total volume of 120.8 million shares.