Offshore staff

OKLAHOMA CITY – SandRidge Energy has entered into an agreement to acquire Dynamic Offshore Resources for aggregate consideration of $1.275 billion. The consideration includes about $680 million in cash and about 74 million shares of SandRidge common stock valued at $8.02 per share. 

Dynamic Offshore Resources operates primarily in water depths of less than 300 ft (91 m) and current production is approximately 25 MMboe/d. Dynamic's year-end 2011 proved reserves are 62.5 MMboe and are valued at approximately $1.9 billion using SEC net present value discounted at 10% (PV-10).

Of these reserves, 80% of the value and the quantity are proved developed. Approximately 50% of Dynamic's current production and proved reserves consists of oil.

2/3/2012