SandRidge Energy (SD) Announces Closing of Midstream Assets and East Texas Deep Rights Sales
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SandRidge Energy, Inc. (NYSE: SD) announced the closing of the two previously announced transactions. Total proceeds of approximately $258 million were used to pay down borrowings from the company's revolving credit facility.
SandRidge completed the sale of gathering and compression assets receiving proceeds of $200 million. These assets are located specifically in the Pinon Field, part of the West Texas Overthrust, located in Pecos and Terrell counties. The purchaser of these assets was an entity formed and financed by TCW Asset Management Company on behalf of its institutional clients. SandRidge will continue its role as operator of these midstream assets.
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