Covington Aids SandRidge On $2.6B Sale Of Permian Assets

Law360, New York (December 20, 2012, 3:12 PM EST) -- Oklahoma oil and gas firm SandRidge Energy Inc. has sold its Permian assets to Texas private equity energy firm Sheridan Production Co. LLC for $2.6 billion in cash, SandRidge said Wednesday.

Sheridan will acquire the assets through its second fund, Sheridan Production Partners II LP. The private fund closed in November 2010 with roughly $1.8 billion in capital commitments.

The assets being sold by SandRidge, located in the fossil-fuel rich Permian Basin in western Texas and eastern New Mexico, were producing roughly 24,500 barrels of oil...
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