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.”