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Sandridge Energy Enters Definitive Agreement To Acquire Assets In The Western Anadarko Basin For $144M In Cash And Entry Into Joint Development Agreement Governing Its Participation In The Future Development Of Certain Of The Acquired Leasehold Interests.

Author: Benzinga Newsdesk | July 29, 2024 03:41pm

SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE:SD) today announced the entry into a definitive agreement to acquire certain producing assets and leasehold interests in the Cherokee play of the Western Anadarko Basin for cash consideration of $144 million, before customary purchase price adjustments. The Company also entered into a Joint Development Agreement ("JDA") governing its participation in the future development of certain of the acquired leasehold interests.

Acquisition Highlights

  • Net production of ~6 MBoed (~40% oil) focused in Ellis and Roger Mills Counties, Oklahoma
    • Includes 42 producing wells in addition to 4 drilled uncompleted ("DUC") wells scheduled to be turned to production in 2024
  • Immediately accretive to key metrics, including production, EBITDA, and free cash flow(1)
  • Oily PDP production and new development is projected to meaningfully increase SandRidge's EBITDA and cash flow on a pro forma basis, all while maintaining its planned quarterly dividend(1)
  • Leasehold interest in 11 drilling spacing units ("DSUs"), which add inventory of up to 22 two-mile lateral wells in the highly productive core of the Cherokee play
    • Joint development of DSUs with a partner who has a demonstrable history of successful operations in the Cherokee play
    • SandRidge will assume operatorship of new wells after they are producing
  • Acquisition assets are located within the Mid-Continent region, where SandRidge currently operates. Additionally, the assets are in the vicinity of the Company's ongoing leasing program, providing further optionality for future SandRidge-operated drilling projects
  • July 1, 2024 effective date with anticipated closing in the third quarter 2024. SandRidge plans to fund the transaction with cash on hand

Posted In: SD


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