The SandRidge Permian Trust says it has received an unsolicited offer to acquire part of its shares.
The offer is from SRPT Acquisition, LLC, a wholly-owned subsidiary of PEDEVCO Corp., a firm that offered to exchange each outstanding unit of the trust for 4/10ths of one share of PEDEVCO common stock.
The SandRidge trust, one of several created by SandRidge Energy, plans to file a response with the Securities and Exchange Commission on or before Oct. 27 to advise unitholders whether it will accept or reject the exchange officer.
Until then, the trust asked unitholders to defer making a determination until it makes its position known.
SandRidge also stated that on Oct. 13, Avalon Energy, LLC has entered into a purchase and sale agreement with Montare Resources I, LLC for the nearly $5 million sale of some wells and leasehold interests in which the trust owns royalty interests. The trust said the fair value of the royalty interests represent about 31.8% of the total fair value of its royalty interests.
Source: BusinessWire
