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Fieldwood Energy announces significant GoM and Gulf Coast acquisition


Published Jan 9, 2014
Fieldwood Energy LLC

Fieldwood Energy LLC announced the acquisition of entities comprising SandRidge Energy, Inc.'s Gulf of Mexico and Gulf Coast business unit for $750 million, based on an effective date of December 1, 2013 and subject to customary purchase price adjustments. As part of the transaction, SandRidge will retain a 2.0% overriding royalty interest in two identified exploration prospects.

According to a Netherland, Sewell & Associates reserve report as of December 1, 2013, total proved reserves attributable to the acquired entities' assets were 57.2 Mmboe, of which 51% is oil and 72% is developed. Additionally, probable reserves were 11.4 Mmboe and possible reserves were 9.0 Mmboe, resulting in total 3P reserves of 77.5 Mmboe. Current daily production exceeds 25,000 boe and is approximately 90% Company operated.

Tags: Fieldwood Energy LLC




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