SandRidge has signed a purchase and sales agreement with the company for the planned acquisition of approximately 25,000 net acres.
The properties have an average production of approximately 25 MMcfed in 2011.
SandRidge will use the finance to fund a portion of its oil focused drilling program.
The transaction, which is subject to customary closing conditions, is expected to close in November.
SandRidge chairman and CEO Tom Ward said that the asset sale is in line with the company’s three strategy to triple EBITDA, double oil production, and lower its debt ratio by the end of 2014.
The company intends to develop high rate of return oil wells in the Central Basin Platform and the Mississippian play in the Mid-Continent.
