The US onshore producer is staggering under the double whammy of a heavy debt load and low commodity prices.
Oklahoma City-based Samson was bought by a consortium of private investors led by KKR for $7.2 billion from the Schusterman family in 2011.
Samson now holds almost $4 billion in debt and has less than $25 million in cash.
In response, Samson stopped all drilling and is laying off 30% of its staff.
