Register | Forgot Your Password? | Close

OKLAHOMA CITY (AP) - SandRidge Energy Inc. is selling its Permian Basin properties in Texas to privately held Houston oil and gas company Sheridan Production Partners for $2.6 billion in cash.

Oklahoma City-based SandRidge is selling off some of its assets as it transitions from a natural gas company to one focused more on oil.

SandRidge plans to use proceeds to reduce debt and strengthen its balance sheet.

The deal is expected to close in the first quarter of 2013.

SandRidge's shares jumped 8 percent in extended trading Wednesday after the deal was announced.


(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
share this story:
Attention KTAR.com Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus