Fieldwood Energy LLC, whose primary focus consists of the development of oil and gas assets on the Gulf Coast and Gulf of Mexico, has acquired SandRidge Energy Inc.’s Gulf of Mexico and Gulf Coast business unit for $750 million.
As part of the transaction, SandRidge will retain a two percent royalty interest in two identified exploration prospects.
According to a report by Sewell & Associates, reserve assets were 57.2 Mmboe, as of December 2013. The report also found that probable reserves were 11.4 Mmboe and possible reserves were 9.0 Mmboe. Daily production was reported to exceed 25,000 boe.
Citigroup Global Markets Inc., J.P. Morgan, Deutsche Bank AG New York Branch, BofA Merrill Lynch and Goldman Sachs Bank USA are financing the transaction for Fieldwood.
Effective December 1, 2013, the acquisition is subject to customary purchase price adjustments.
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