On September 23, 2009
SandRidge Taps Unconventional Nat Gas Plays with Crusader Buy
SandRidge Energy’s deal to buy bankrupt Crusader Energy Group for $230 million will give the independent oil and gas company access to a number of unconventional gas plays and boost its positionin the Anadarko basin of Western Oklahoma and Permian basin in West Texas. The Oklahoma City, Oklahoma-based company announced it would pay up to $85 million in cash and issue common shares valued at $13.45 per share. Crusader filed for Chapter 11 bankruptcy in March — and listed assets of about $750 million and debts of $325.8 million as of Sept. 30, 2008. SandRidge Chairman and CEO Tom Ward declined to discuss details of the purchase during a conference call with investors Wednesday because of pending approval of the transaction…
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