SandRidge Energy announced this week it formally closed on its $144 million acquistion of more assets in the Western Anadarko Basin.
The assets are in the Cherokee play of the Basin in Ellis and Roger Mills counties of Oklahoma but SandRidge did not ever reveal the identity of the seller or sellers. SandRidge confirmed it used cash on hand to fund the transaction. The acquisition included 42 producing wells and 4 drilled but unccompleted wells. The company also made an agreement with a partner for joint development of drilling space units in the Cherokee play.
the Cherokee play
At the same time, the company also provided updated guidance for the full-year 2024 and said it incorporated contributions from the new producing assets and joint development program.
Just a month ago, SandRidge released its second quarter financial report showing $8.8 million net income or 24 cents a share and adjusted net income of $6.4 million or 17 cents a basic share. The company had adjusted EBITDA of $12.9 mllion and had $211.3 million cash at the end of June.