Covington Helps SandRidge Land $1.3B Dynamic Deal

Law360, New York (February 1, 2012, 8:01 PM EST) -- SandRidge Energy Inc. will pay $1.275 billion in cash and stock for private equity-backed Dynamic Offshore Resources LLC, ending Dynamic's short-lived initial public offering and picking up vast oil and gas interests in the Gulf of Mexico, SandRidge said Wednesday.

Oklahoma-based SandRidge will pay about $680 million in cash, financed by a $725 million commitment from Bank of America Corp., SunTrust Robinson Humphrey and Royal Bank of Scotland PLC, along with about 74 million shares of SandRidge stock.

Dynamic, which was founded in 2008 by energy...
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