SandRidge Energy, Inc. announced the closing on the $35.4 million sale of the company’s 30-story office tower and annex with parking in downtown Oklahoma City.
It also stated the sale should affirm the company’s ability to survive in the oil and gas crisis as a result of the COVID-19 pandemic.
“The company believes that the closing of the Sale and resulting receipt of $35.4 million in net proceeds should alleviate any substantial doubt about its ability to continue as a going concern,” stated the SandRidge announcement.
The State of Oklahoma bought the facilities last month and the sale was completed in recent days. Oklahoma plans to locate a handful of state agencies in the building.
As of June 30, 2020, the SandRidge had approximately $14.9 million in cash and $59.0 million in outstanding debt under the Company’s revolving credit facility. The $35.4 million in net proceeds received as part of the closing of the Sale significantly reduces the Company’s net debt position.
Source: SandRidge Energy release