News Column

SANDRIDGE ENERGY INC FILES (8-K) Disclosing Completion of Acquisition or Disposition of Assets, Other Events, Financial Statements and Exhibits

February 28, 2014



Item 2.01 Completion of Acquisition or Disposition of Assets On February 25, 2014, SandRidge Energy, Inc. ("SandRidge") sold certain subsidiaries, comprising its Gulf of Mexico business, which own all of SandRidge's Gulf of Mexico and Gulf Coast properties (collectively, the "Gulf Properties") for $750.0 million, subject to post-closing adjustments, and the buyer's assumption of approximately $370.0 million of related asset retirement obligations to Fieldwood Energy, LLC. The effective date of the transaction is December 1, 2013.

Item 8.01 Other Events On February 26, 2013, SandRidge Exploration and Production, LLC ("SandRidge E&P"), a wholly owned subsidiary of SandRidge Energy, and Sheridan Holding Company II, LLC ("Sheridan") closed the transaction pursuant to which Sheridan acquired SandRidge E&P's assets in the Permian Basin, other than those assets associated with SandRidge Permian Trust, (the "Permian Properties") for $2.6 billion in cash, net of post-closing adjustments. The effective date of the transaction is January 1, 2013.

SandRidge is filing this Current Report on Form 8-K to give effect to the sale of the Permian Properties, the redemption of its 9.875% Senior Notes due 2016 and 8.0% Senior Notes due 2018 (the "Senior Notes Redemption") and the sale of the Gulf Properties. SandRidge's pro forma financial information is filed as Exhibit 99.1 to this Current Report.

Item 9.01 Financial Statements and Exhibits (d) Exhibits: 99.1 Pro Forma Financial Information. Unaudited Pro Forma Condensed Balance Sheet at December 31, 2013, Unaudited Pro Forma Condensed Statement of Operations for the year ended December 31, 2013 and related notes showing the pro forma effects of the sale of the Permian Properties, Senior Notes Redemption and sale of the Gulf Properties.



--------------------------------------------------------------------------------


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Edgar Glimpses


Story Tools