Tulsa World: Oklahoma City-based SandRidge to buy Forest Oil properties for $800 million

Home > Business

Comment

RSS

Bookmark

Oklahoma City-based SandRidge to buy Forest Oil properties for $800 million

By Associated Press
Published: 11/30/2009 3:33 PM
Last Modified: 11/30/2009 3:33 PM

OKLAHOMA CITY — SandRidge Energy Inc. says it has agreed to buy Permian Basin oil and gas properties from Forest Oil Corp. for $800 million.

Oklahoma City-based SandRidge Energy announced on Monday it would acquire the west Texas properties, which cover more than 90,000 net acres. The purchase will increase SandRidge's leasehold in the Permian Basin to more than 130,000 net acres.

The independent oil and natural gas company says about $720 million of the purchase price is attributable to reserves and $80 million to undeveloped acreage, equipment and other assets. The acquired acreage has more than 1,200 drilling locations.

SandRidge says the deal with Denver-based Forest Oil should close by Dec. 31.

Earlier this month, SandRidge said it was dropping a $230 million bid to buy oil driller Crusader Energy Group Inc.

By Associated Press

Comment

RSS

Bookmark

Reader Comments

Show: Most Recent Comment First

Add your comment

0 comments have been made on this story so far. Tell us what you think below!

Reporting Comments

If you see a comment that violates our terms and conditions, please help us by clicking the "Report this Comment" link next to a comment. That will alert the web staff to review the comment. Thank you. -- Web Editor Jason Collington

Add Your Comment
In order to post a comment on this article, you must sign in to Tulsaworld.com. If you do not have a site account, you can create an account for free.