Nearly two months after it announced the sale of its NorthPark Basin assets in Colorado, SandRidge Energy said the deal was finalized this week.
The company divested its holdings in a $47 million cash deal that was effective Oct. 1, 2020. The buyer was not disclosed at the time of the original announcement and no information was included in this week’s announcement of the closing.
The company explained the North Park Basin represented less than 10% of SandRidge’s production during the quarter ended Sept. 30, 2020 and its proved developed reserves at the end of 2019.
“We believe this transaction significantly enhances shareholder value,” said Carl Giesler, SandRidge’s President and CEO.
His December announcement indicated the North Park Basin production had “become increasingly non-core” with the firm’s shift to a cash optimization-focused strategy. In other words, it wasn’t making enough money for the company.
