SandRidge Energy, Inc. Announces Closing of $1 Billion Mississippian Joint Venture
OKLAHOMA CITY, Jan. 5, 2012 /PRNewswire/ -- SandRidge Energy, Inc. (NYSE: SD) today announced the closing of its previously announced joint venture transaction with a subsidiary of Repsol YPF, S.A., a leading international energy company based in Madrid, Spain.
At closing, SandRidge received approximately $250 million in cash and transferred to Repsol an undivided 16% non-operated working interest in SandRidge's original Mississippian play and an undivided 25% non-operated working interest in SandRidge's extension Mississippian play in western Kansas. SandRidge will receive an additional $750 million in the form of a drilling carry over a period of approximately three years.
About SandRidge Energy
SandRidge Energy, Inc. is an oil and natural gas company headquartered in Oklahoma City, Oklahoma, with its principal focus on exploration and production. SandRidge and its subsidiaries also own and operate gas gathering and processing facilities and CO2 treating and transportation facilities and conduct marketing and tertiary oil recovery operations. In addition, Lariat Services, Inc., 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, Permian Basin, West Texas Overthrust, Gulf Coast and Gulf of Mexico. For more information, please visit SandRidge's website at www.sandridgeenergy.com.
Repsol is a leading international energy company with current operations in more than 30 countries and many years of experience in the energy sector. It is one of the world's largest private oil companies and is the largest energy company in Latin America. It is the leader in refining and marketing in Spain and Argentina and the third largest private LPG distribution company in the world. Repsol is headquartered in Spain with over 40,000 employees worldwide. For more information, please visit Repsol's website at www.repsol.com.
Except for historical information contained herein, the statements in this release are forward-looking. Forward-looking statements are based on assumptions and beliefs that we believe to be reasonable; however, assumed facts almost always vary from actual results and the differences between assumed facts and actual results can be material depending upon the circumstances. Our forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany those statements. The forward-looking statements involve risks and uncertainties that affect our operations and capital expenditures and other factors as discussed in our filings with the Securities and Exchange Commission. Among the factors that could cause results to differ materially are those risks discussed in the periodic reports we file with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2010. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." In addition, we undertake no obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this release.
SandRidge Energy Contact:
Kevin R. White
Senior Vice President
SandRidge Energy, Inc.
123 Robert S. Kerr Avenue
Oklahoma City, OK 73102
+1 (405) 429-5515
SOURCE SandRidge Energy, Inc.