One-Page Deal Sheet
SandRidge Energy purchases Arena Resources
Sandridge Energy, Inc. Not Disclosed
Announced Date
April 04,2010
Close Date
July 16,2010
Transaction Type
Corporate
Enterprise Value (EV)($MM)
1550
Asset/Basin:
{"Permian Basin"}
TargetZones:
{"San Andres","Clear
Net Acres
% Oil:
Location
Country
United States
State
Texas
Transaction Details: Subscribe to see
SandRidge Energy Inc. will acquire Arena Resources Inc. for $1.55 billion in cash and stock as it turns its focus to oil rather than natural gas production. SandRidge will pay $2.50 in cash and 4.78 SandRidge shares for each Arena Resource share, a 17 percent premium to Arena's April 1 close of $34.26. The purchase is Sand-Ridge's second in West Texas since November, when it bought properties from Forest Oil Corp. for about $800 million. By buying Arena Resources, SandRidge becomes one of the largest producers of West Texas conventional oil and gas. The company will primarily drill shallow…
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