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Tuesday, January 7, 2014

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

Oil and gas company SandRidge Energy Inc struck a deal Tuesday to sell its Gulf of Mexico assets to private-equity-backed Fieldwood Energy for $750 million, ending a brief, much-criticized foray into offshore drilling.The company bought the Gulf of Mexico assets from Dynamic Offshore Resources for about $1.2 billion in cash and stock in April 2012. Fieldwood, owned by private equity firm Riverstone Holdings LLC, is run by Dynamic's former management team.SandRidge said it now plans to focus on its assets in northern Oklahoma and western Kansas, where it is the leading operator in the Mississippian oil and gas formation.SandRidge CEO James Bennett said the company would use the proceeds from the sale to further develop its holdings in the mid-continent region of the U.S.

SandRidge Energy, Inc., is an independent oil and natural gas company. Shares of SD fell by 1.29% or $-0.075/share to $5.74. 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 23088664.



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