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Tuesday, January 7, 2014

SandRidge Energy to exit U.S. Gulf in $750 million deal, (NYSE: SD)

Oil and gas producer SandRidge Energy Inc said it would sell its Gulf of Mexico operations to an affiliate of private equity firm Riverstone Holdings LLC for $750 million to focus on drilling onshore.SandRidge shares were up nearly 4 percent in trading before the bell.Riverstone affiliate Fieldwood Energy LLC, which bought Apache Corp's Gulf of Mexico shelf operations for $3.75 billion in July, will also assume abandonment liabilities of $370 million as part of the deal with SandRidge.Most U.S. oil and gas companies are increasing spending on their onshore fields as technological advancements open up vast shale reserves.

SandRidge Energy, Inc. is an independent oil and natural gas company. Shares of SD fell by 2.02% or $-0.12/share to $5.82. In the past year, the shares have traded as low as $4.52 and as high as $7.47. On average, 10389700 shares of SD exchange hands on a given day and today's volume is recorded at 10044710.