One-Page Deal Sheet
Energen Unit Buys Bone Spring Acreage in Permian Basin
Energen Corp. Sandridge Energy, Inc.
Announced Date
December 11,2010
Effective Date
December 09,2010
Close Date
December 09,2010
Transaction Type
Property
Enterprise Value (EV)($MM)
110
Asset/Basin:
{"Permian Basin","Delaware Basin"}
TargetZones:
{"3rd Bone Spring Sa
Net Acres
% Oil:
Net Operated Locations:
Location
Calculated Metrics( EV/Category)
Region
Permian - Delaware Basin
Country
Play
Calculated Metrics( EV/Category)
$/ Acre
$/Location
Transaction Details: Subscribe to see
Energen Corporation (NYSE: EGN) today announced that its oil and gas exploration and production company, Energen Resources Corporation, has purchased 40,000 acres in the Permian Basin from SandRidge Energy Inc. for $110 million plus standard closing adjustments.
Based on 320-acre spacing, the company has identified 62 net potential drilling locations in the 3rd Bone Spring play on 21,300 net acres in Loving, Reeves, Ward, and Winkler counties; this acreage is in the heart of the emerging Bone Spring play. Unproved Bone Spring reserves (net unrisked) are estimated to exceed 21 million barrels…
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