[Editor's note: This story was updated at 3:22 p.m. CST Nov. 5 to include buyer of SandRidge’s Central Basin Platform assets.]
SandRidge Energy Inc. (NYSE: SD) said Nov. 5 it exited the Central Basin Platform in the Permian Basin in a recent sale as the Oklahoma City-based company tackles operational efficiencies through A&D dealmaking.
The divestiture was a part of two recently closed transactions worth a total of roughly $40 million and follow the conclusion of SandRidge’s strategic review process which attracted multiple potential buyers earlier this year.
First, SandRidge on Nov. 1 sold substantially all of its oil and gas properties, rights and related assets in the Central Basin Platform region of the Permian Basin to Avalon Energy LLC for $14.5 million. The sale also included roughly 13.1 million common units of the SandRidge Permian Trust (NYSE: PER).
Next, SandRidge said it acquired certain oil and gas properties, rights and related assets in the Mississippi Lime and Northwest Stack areas of Oklahoma and Kansas in the Midcontinent region on Nov. 2 for $25.1 million. The seller wasn’t disclosed.