SandRidge Energy, Inc. Announces Closing of $1 Billion Mississippian Joint Venture

abarrelfullabarrelfull wrote on 06 Jan 2012 14:50
Tags: deals n-america repsol sandridge upstream usa

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SandRidge Energy, Inc. (NYSE: SD) today announced the closing of its previously announced joint venture transaction with a subsidiary of Repsol YPF, S.A., a leading international energy company based in Madrid, Spain.

At closing, SandRidge received approximately $250 million in cash and transferred to Repsol an undivided 16% non-operated working interest in SandRidge's original Mississippian play and an undivided 25% non-operated working interest in SandRidge's extension Mississippian play in western Kansas. SandRidge will receive an additional $750 million in the form of a drilling carry over a period of approximately three years.

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