Sandridge's Massive Permian Basin Sell-Off

SandRidge (NYSE: SD  )  Chairman and CEO Tom Ward announced that the company is selling its 225,000 acres in the Permian Basin for $2.6 billion, giving the company a much needed infusion of cash which will be used to pay down debt and help fund its Mississippian Lime production. 

While the company's original plan was to use the Permian Basin as a way to fund its expansion into the Mississippian Lime, this deal could not play out the way management was originally expecting. This sale comes on the heals of letters published by large SandRidge shareholders TPG-Axon and Mount Kellett Capital Management asking for the a shake-up in management and new independent board members. Check out the video below for more information on the deal and what it means for long-term shareholders.

Investors were startled after SandRidge plummeted when natural gas prices reached 10-year lows, but the company has plans to shift its operations into oil and the future looks bright. If you are unsure about the future of this emerging oil and gas junior, and are looking to find out more about its strengths and weaknesses, you should view this brand new premium report detailing SandRidge's game plan and what to expect from the company going forward. To get started--click here!


Read/Post Comments (1) | Recommend This Article (4)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Add your comment.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2164623, ~/Articles/ArticleHandler.aspx, 10/25/2014 7:59:54 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement