Sandridge Energy Reverses Course After an Acquisition Blunder

So much for those offshore assets Sandridge Energy bought less than two years ago.

Jan 10, 2014 at 9:35AM

It only took Sandridge Energy (NYSE:SD) two years to realize that the assets it bought from Dynamic Offshore weren't exactly everything it was hoping those assets could be. So, the company has unloaded them on to a private company for $750 million. Unfortunately, they bought those assets for $1.2 billion two years ago. Just because the company offloaded these assets doesn't mean it was a bad idea. It gets it off the hook for some sizable asset retirement costs and gives the company some money to expand its drilling in its wheelhouse: the Mississippian Lime formation in Oklahoma and Texas. 

Tune into the video below to find out how this deal seems awfully similar to some of the moves made by Chesapeake Energy (NYSE:CHK), and what investors should watch for in Sandridge going forward.

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