Rochester, NY 7/1/2009 9:33:51 PM
Morning Report - SD - SandRidge Energy Completes Two Transaction Total $258M - Sourced WhisperFromWallStreet.com
SandRidge Energy, Inc.
Morning Report - SD - SandRidge Energy Completes Two Transaction Total $258M - Sourced WhisperFromWallStreet.com
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SANDRIDGE ENERGY INC,SD
8.81 Up 0.29 (3.40%) 10:27AM ET
SandRidge Energy Inc. says it has closed on two previously announced transactions worth a combined $258 million.
Oklahoma City-based SandRidge said Tuesday it received $200 million from the sale of gathering and compression assets located in the Pinon Field, located in Pecos and Terrell counties in west Texas.
The buyer is an entity formed and financed by Los Angeles-based TCW Asset Management Co. on behalf on institutional clients. SandRidge will still operate the assets.
In a $58 million deal, SandRidge sold drilling rights for about 22,000 acres in Gregg, Harrison and Rusk counties in east Texas, below the depth of the Cotton Valley formation. SandRidge says the buyer was a privately owned exploration and production company.
SandRidge will use the $258 million to pay down borrowings from the company's revolving credit facility.
Last Trade: 8.77
Day's Range: 8.61 - 8.88
52wk Range: 4.49 - 69.41
Volume: 1,165,937
ABOUT
SandRidge Energy, Inc., together with its subsidiaries, operates as a natural gas and oil company in the United States. The company engages in the exploration, development, and production of oil and gas properties. Its Exploration and Production segment explores for, develops, and produces natural gas and oil reserves in the West Texas Overthrust (WTO). The company's Drilling and Oil Field Services segment drills wells for other oil and natural gas companies, primarily in the west Texas region.
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