SandRidge closes $123.8M cash acquisition of Upland Exploration assets; provides historical financials

SANDRIDGE ENERGY INC

Acquired oil & gas assets in Cherokee Play, Western Anadarko Basin for $123.8M cash on Aug 30, 2024.
Acquired assets: $32.0M revenue, $4.7M direct op expenses (6M ended Jun 30, 2024); $38.7M revenue, $7.1M direct op expenses (FY2023).
Pro forma combined net income $64.8M for 9M ended Sep 30, 2024 vs SandRidge historical $45.4M; pro forma diluted EPS $1.74 vs $1.22.
Proved reserves as of Dec 31, 2023: 2,013 MBbl oil, 2,808 MBbl NGL, 14,342 MMcf gas (7,211 MBoe total).
Acquisition funded with cash on hand; no new debt issued.

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