The effective date of the sale is 1 December, 2013. During the fourth quarter of 2013, the divested properties produced approximately 23 MBoe per day. The company expects to reinvest the proceeds over time in its Mid-Continent drilling projects.
James Bennett, SandRidge’s president and CEO, noted, "The sale of the Gulf assets allows us to heighten our focus on the Mid-Continent where we are leveraging our established competitive advantages to build real value for our shareholders. We look forward to our upcoming Investor/Analyst Meeting on Tuesday, March 4, 2014, at the NYSE where we will discuss in greater detail the successes, innovations, and upsides that are positioning SandRidge as the premier, high-return, growth-oriented, resource conversion company in the Mid-Continent."
SandRidge and its subsidiaries also own and operate gas gathering and processing facilities and conduct marketing operations.
In addition, Lariat Services, a wholly-owned subsidiary of SandRidge, owns and operates a drilling rig and related oil field services business. SandRidge focuses its exploration and production activities in the mid-continent region of the US.
