On December 1, 2009
Conventional Buy: SandRidge Plunks Down $800M for Popular Permian Basin Property
Less than a month after SandRidge Energy dropped its bid for bankrupt Crusader Energy, the company announced another acquisition — one nearly four times as large — of oil and gas properties in the Permian Basin in Texas. SandRidge will spend $800 million for the property owned by Denver-based Forest Oil Corp. About $720 million of the price will be used to acquire 80 million barrels of oil equivalent of proved reserves. The remaining $80 million will be used to buy undeveloped acreage, equipment and other assets, according to a statement from SandRidge. The transaction is expected to close on or before Dec. 31. SandRidge has focused on traditional conventional gas plays in the West Texas Overthrust, where it holds leases…
0 Comments