One-Page Deal Sheet
SandRidge to Acquire Piñon Gathering Co. from EIG Global
Sandridge Energy, Inc. EIG Global Energy Partners, Llc
Announced Date
October 05,2015
Transaction Type
Asset
Transaction Details: Require Private Equity Subscription
SandRidge Energy, Inc. has entered into an agreement to acquire the Piñon Gathering Company, LLC from EIG Global Energy Partners for $48 million cash and $78 million of its 8.75% Senior Secured Notes due 2020.
The Piñon Gathering Company, LLC owns approximately 370 miles of gathering lines supporting the natural gas and CO2 production from the Company's Piñon field in West Texas. As a result of the transaction, the Company will eliminate minimum volume commitment payments of approximately $40 million per year, forecasted to continue until 2021 and additional contractual fees thereafter, as…
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