Oklahoma-based SandRidge Energy Inc. has sold its Permian Basin assets and picked up some assets in the Mid-Continent Basin through two recent transactions.
SandRidge sold all of its assets in the Central Basin Platform of the Permian with about 13.1 million shares of the SandRidge Permian Trust to an unaffiliated party for $14.5 million in a deal that closed Nov. 1.
In a separate transaction that closed Nov. 2, SandRidge purchased assets in the Mississippi Lime and NW STACK areas of Oklahoma and Kansas for $25.1 million.
SandRidge CEO Bill Griffin said both transactions will help with the company’s operating efficiencies.
“The CBP properties accounted for more than 12 percent of our total operating expenses, while contributing only four percent of the production during the first half of 2018 … exiting the Central Basin Platform simplifies the company’s portfolio and operations, allowing SandRidge to increase our focus on executing our long-term development and growth strategy,” Griffin stated in a release.
He added, “the Mid-Continent transaction consolidates working interest in acreage and properties currently held by the company, requiring no additional staffing to operate.”
In September, SandRidge announced it had ended its three-month strategic review and rejected all bids for a takeover. At the time, the company also said it planned on divesting non-core properties.
— Read on www.rigzone.com/news/sandridge_sells_permian_assets_buys_midcon_assets-05-nov-2018-157393-article/