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Replies to post #2718 on SandRidge Energy, Inc. (fka SDOCQ)
10/21/15 11:08 PM
OKLAHOMA CITY, Oct. 5, 2015 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company") (SD) today announced that it 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.
James Bennett, President and CEO, commented, "We are pleased to announce the repurchase of our West Texas Piñon gas gathering infrastructure. By eliminating payments related to contractual volume commitments, this transaction will immediately increase annual EBITDA by approximately $40 million by lowering our overall lease operating and gathering expense. This transaction is also consistent with our stated goals of reducing existing contractual liabilities related to legacy operations."
10/21/15 11:45 PM
OKLAHOMA CITY, Oct. 19, 2015 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company") (NYSE: SD) today announced that, in connection with a regularly scheduled redetermination, its lenders have affirmed the $500 million borrowing base under its senior secured credit facility. In addition, the credit agreement was amended to increase from $200 million to $275 million a basket available to the Company for the cash repurchase of senior unsecured notes.
10/21/15 11:53 PM
