SandRidge Energy, Inc. (SD): Permian Basin Update

By Andrea: http://oilshalegas.com

SandRidge Energy, Inc. (SD) recently announced that it has sold its Bone Spring asset package for $110 million, approximately $2,750 per acre. At closing, SandRidge received cash proceeds of $88 million. An additional $22 million was placed in escrow to be released to SandRidge in the first quarter of 2011, subject to satisfaction of customary post-closing conditions. The Bone Spring package includes approximately 40,000 net acres in the Permian Basin with development potential in the Avalon Shale and Bone Spring reservoirs. There is no production or proved reserves associated with these assets, and SandRidge will retain all rights above and below the Avalon Shale and Bone Spring formations. Proceeds from this transaction will be used to fund a portion of SandRidge’s planned capital expenditures in 2011.
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