SandRidge Pays Forest Oil $800M For Texas Reserves

Law360, New York (December 1, 2009, 2:02 PM EST) -- SandRidge Energy Inc. has announced an $800 million deal to acquire oil and gas properties in Texas' Permian Basin from Forest Oil Corp.

The Oklahoma City-based company said Monday it hopes to close on the deal before the new year and will finance the purchase through borrowing as well as $200 million in proceeds from the placement of new shares of mandatory convertible preferred stock.

The company also announced plans to sell 22 million shares of common stock, with Chief Executive Officer Tom L. Ward offering...
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