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OKLAHOMA CITY — Sand-Ridge Energy Inc. agreed to buy Permian Basin properties in West Texas and New Mexico from Denver- based Forest Oil Corp. for about $800 million.
The assets, spread over 90,000 net acres, represent the equivalent of 80 million barrels of oil in proved reserves, SandRidge said Monday in a statement. Current production is the equivalent of 7,600 barrels of oil a day.
The deal, which is expected to close on or before Dec. 31, will be financed through SandRidge’s existing credit facility as well as from the placement of new shares of mandatory convertible preferred stock and a planned public offering of new common stock.
