SandRidge sells Gulf of Mexico properties

SandRidge Energy Inc. (NYSE: SD) has sold its Gulf of Mexico holdings to Fieldwood Energy LLC, for $750 million cash.

Jan 7th, 2014

Offshore staff

OKLAHOMA City, Oklahoma – SandRidge Energy Inc. (NYSE: SD) has sold its Gulf of Mexico holdings to Fieldwood Energy LLC, for $750 million cash and the assumption of $370 million of abandonment liabilities.

As a result of the sale, SandRidge will redeploy capex from GoM drilling to onshore drilling.

SandRidge will retain a 2.0% overriding royalty interest in deepwater GoM Miocene prospects inGreen Canyon 65 (Bullwinkle area) and South Pass 60 blocks.

The transaction is expected to close during 1Q 2014, subject to customary closing conditions and will have an effective date of Dec. 1, 2013.

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