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SandRidge Energy, Inc Announces Sale of North Park Basin Assets For $47 Million
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US: SandRidge Energy announces sale of North Park Basin assets for USD47 million
14 Dec 2020
SandRidge Energy has entered into a definitive agreement for the sale of its North Park Basin (NPB) assets. The consideration is $47 million in cash subject to customary post-closing adjustments. The effective date is October 1, 2020, and the transaction is expected to close during the first quarter of 2021.
NPB accounted for less than 10% of the Company s production during the quarter ended September 30, 2020 and less than 10% of the Company s Proved Developed Reserves as of December 31, 2019.
SandRidge Energy s assets, including North Park Basin (Source: Sandridge Energy)
Carl Giesler, SandRidge s President and CEO, commented:
SandRidge Taking $47M for Colorado Assets in North Park Basin
Oklahoma City-based SandRidge Energy Inc. said Monday it is selling a basket of assets that not long ago were considered some of its best oil and gas prospects.
The Lower 48-focused independent said it would fetch $47 million from an undisclosed buyer for the North Park Basin (NPB) portfolio in Jackson County. The sale is set to be completed by the end of March.
“We believe this transaction significantly enhances shareholder value,” CEO Carl Giesler said. SandRidge is monetizing “an asset the value of which, we believe, has not been adequately reflected in our stock price and which had become increasingly noncore with the company’s shift to a cash optimization-focused strategy.”
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Author:
Dec 14, 2020 1:36 PM EST
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