SandRidge Energy, Inc. Signs Agreement to Sell Certain East Texas Properties for $231 Million and Announces Revised Production G

abarrelfullabarrelfull wrote on 28 Sep 2011 12:15
Tags: deals n-america sandridge upstream usa

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SandRidge Energy, Inc. (NYSE: SD) today announced that it has signed a Purchase and Sales Agreement ("PSA") with NFR Energy LLC whereby SandRidge would sell its East Texas natural gas properties in Gregg, Harrison, Rusk and Panola counties for $231 million. The sold properties include approximately 25,000 net acres with average 2011 production of approximately 25 MMcfed. SandRidge intends to use the cash proceeds to fund a portion of its oil focused drilling program. SandRidge expects the transaction, which is subject to customary closing conditions, to close in November.

SandRidge Chairman and CEO, Tom Ward, commented, "This asset sale is part of the capital plan to execute our 3 Year Strategy of tripling EBITDA, doubling oil production, and lowering our debt ratio by the end of 2014 by continuing to develop high rate of return oil wells in the Central Basin Platform and the Mississippian play in the Mid-Continent."

As a result of this asset sale, SandRidge expects production to be 23.9 MMBoe in 2011 and 27.7 MMBoe in 2012.

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