SandRidge sells non-core Permian assets to Sheridan Production Partners II for US$2.6 billion
Sheridan Production Partners II has agreed to purchase Permian region assets from SandRidge Energy for US$2.6 billion in cash. The assets being acquired cover an estimated 209,000 net acres in the Central Basin Platform. Key plays are the San Andres Grayburg and the Clear Fork. These are mature, conventional assets. Current production is 24,500 boe/d - 67% oil, 15% NGLs and 18% natural gas. We value the deal at US$2.7 billion, discounted 10% to 1 January 2013. Our modelling implies a ...