SandRidge Inks $750M Sale Of Gulf Of Mexico Business

Law360, New York (January 7, 2014, 12:32 PM EST) -- SandRidge Energy Inc. will sell its entire Gulf of Mexico business to private equity-backed Fieldwood Energy LLC for $750 million in cash as the oil and natural gas company refocuses its exploration and extraction efforts on the Midwest, according to a Tuesday statement.

Under the terms of the deal, Houston-based Fieldwood, which is a portfolio company of Riverstone Holdings LLC, will also assume roughly $370 million in abandonment liabilities and pay 2 percent royalty interest on exploration prospects in the region, according to a statement....
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