SandRidge sells bulk of its Permian Basin holdings
BY JAY F. MARKS NewsOK.com
Thursday, December 20, 2012
12/20/12 at 3:59 AM
OKLAHOMA CITY - SandRidge Energy Inc. has inked a deal to sell the bulk of its holdings in west Texas' oil-rich Permian Basin for $2.6 billion, the company announced Wednesday.
SandRidge amassed its Permian acreage in 2009 and 2010 as it shifted its focus to oil production, but the Oklahoma City-based company now is concentrating on the emerging Mississippian oil play in northern Oklahoma and southern Kansas.
CEO Tom Ward said the sale of 212,000 acres to Houston-based Sheridan Production Partners II is a "great outcome" for the company's shareholders.
"The sale of the Permian assets at this time has allowed us to capitalize on current strong valuations for mature, conventional Permian assets and generate a very strong return on our investment there," he said in a statement.
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Original Print Headline: SandRidge sells bulk of west Texas holdings