SandRidge Energy (SD) Acquires Additional Interests and Terminates Executive Well Participation Plan
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SandRidge Energy, Inc. (NYSE: SD) agreed with its Chairman and CEO, Tom L. Ward and certain of his affiliated entities, to acquire all of Mr. Ward's working interest and related reserves in wells drilled by SandRidge since June 2006 pursuant to SandRidge's Well Participation Plan. SandRidge paid $60.0 million in cash for the interests, subject to post-closing adjustments. In connection with the acquisition, Mr. Ward and SandRidge agreed to terminate the Plan. SandRidge expects that the acquisition and termination of the Plan will increase its net proved reserves by approximately 43 Bcf of natural gas equivalent.
The Plan provided that for as long as Mr. Ward was employed by SandRidge, he had a right to participate in and pay up to a 3% of 8/8ths working interest in all wells (subject to certain exceptions) drilled by SandRidge through at least 2016, after which the company could elect to terminate. Termination of the Plan will permit SandRidge to retain a greater working interest in future wells, thus increasing its net ownership in proved undeveloped reserves.[SM]
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Livin High on Borrowed money
Craig Culwell on Oct 11, 2008 08:14 AMWard and McClendon have certainly shared their wealth with those of us blessed enough to live in OKC. They will blame the collapse on credit crisis, commodity collapse, or some other nebulous outside force. But here in the oil patch, we've seen it before. Livin' High on borrowed money ain't legit. Ain't legit here or in London or in NYC. God Bless America! (BEAT TEXAS)