Watch List: SD
Posted: Fri Jan 07, 2011 3:05 pm
Since SD took over Sweet 16 member Arena Resources it has been on my Watch List. I'm beginning to like it a lot more. When they issue 4th quarter results I plan to prepare a company profile and forecast model. Just wanted to alert you guys now. - Dan
OKLAHOMA CITY (AP) -- SandRidge Energy Inc. said Thursday that it closed the $155 million sale of its Wolfberry oil and gas properties and will use the money to pay down debt.
SandRidge did not identify the buyer of the properties, located in the Permian Basin, which is centered in West Texas.
The company said the properties are producing the equivalent of 1,600 barrels of oil a day and had estimated proved reserves equal to 2.37 million barrels of oil at the end of 2009.
SandRidge said the company raised $500 million to $550 million from this and one other asset sale and a royalty trust offering announced Wednesday.
With oil prices rising faster than natural gas prices, SandRidge has increasingly emphasized developing oil fields.
Separately, the company announced Thursday it hired a new chief financial officer.
OKLAHOMA CITY (AP) -- SandRidge Energy Inc. said Thursday that it closed the $155 million sale of its Wolfberry oil and gas properties and will use the money to pay down debt.
SandRidge did not identify the buyer of the properties, located in the Permian Basin, which is centered in West Texas.
The company said the properties are producing the equivalent of 1,600 barrels of oil a day and had estimated proved reserves equal to 2.37 million barrels of oil at the end of 2009.
SandRidge said the company raised $500 million to $550 million from this and one other asset sale and a royalty trust offering announced Wednesday.
With oil prices rising faster than natural gas prices, SandRidge has increasingly emphasized developing oil fields.
Separately, the company announced Thursday it hired a new chief financial officer.