SANDRIDGE ENERGY INC (SD): M&A transaction — 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.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SANDRIDGE ENERGY INC completed an acquisition involving Upland Exploration, LLC and Upland Operating, LLC for $123.8 million (closed 2024-08-30).

Action: acquisition
Counterparty: Upland Exploration, LLC and Upland Operating, LLC
Consideration: $123.8 million
Closing: 2024-08-30

Exact text from the filing

the Purchaser purchased certain of Seller’s interests in oil and gas properties, rights, and related assets in the Cherokee play of the Western Anadarko Basin (the “Assets”) for $123.8 million (the “Closing”), subject to a customary final post-closing settlement between Purchaser and Seller. The Company funded the closing payment with cash on hand. The accompanying

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Source: SEC EDGAR

accession 0001628280-24-047961

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