|SandRidge Energy, Inc. Announces Closing of $500 Million Horizontal Mississippian Joint Venture|
OKLAHOMA CITY, Sept. 28, 2011 /PRNewswire via COMTEX/ --
SandRidge Energy, Inc. ("SandRidge") (NYSE: SD) announced today that it has completed its previously announced joint venture transaction with an affiliate of Atinum Partners Co., Ltd. ("Atinum"), a leading investment firm located in the Republic of Korea.
At closing, SandRidge received approximately $250 million in cash and transferred to Atinum an undivided 13.2% non-operated working interest in SandRidge's original Mississippian play. SandRidge will receive an additional $250 million in the form of a drilling carry.
About SandRidge Energy
SandRidge Energy, Inc. is an oil and natural gas company headquartered in Oklahoma City, Oklahoma, with its principal focus on exploration and production. SandRidge and its subsidiaries also own and operate gas gathering and processing facilities and CO2 treating and transportation facilities and conduct marketing and tertiary oil recovery operations. In addition, Lariat Services, Inc., a wholly-owned subsidiary of SandRidge, owns and operates a drilling rig and related oil field services business. SandRidge focuses its exploration and production activities in the Permian Basin, Mid-Continent, West Texas Overthrust, Gulf Coast and Gulf of Mexico. SandRidge's internet address is www.sandridgeenergy.com.
About Atinum Partners Co., Ltd.
Atinum Partners, headquartered in Seoul, Republic of Korea is a leading private investment company. Established in 2008, Atinum Partners focuses on domestic and international investment opportunities in a broad range of industries.
Except for historical information contained herein, the statements in this release are forward-looking. Forward-looking statements are based on assumptions and beliefs that we believe to be reasonable; however, assumed facts almost always vary from actual results and the differences between assumed facts and actual results can be material depending upon the circumstances. Our forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany those statements. The forward-looking statements involve risks and uncertainties that affect our operations, financial performance, and other factors as discussed in our filings with the Securities and Exchange Commission. Among the factors that could cause results to differ materially are those risks discussed in the periodic reports we file with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2010. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." In addition, we undertake no obligation to update or revise any forward-looking statements to reflect events or circumstances occurring after the date of this Statement.
Kevin R. White
SOURCE SandRidge Energy, Inc.