SandRidge Energy has entered an agreement with an Atinum Partners affiliate to form a joint venture.
Under the terms of agreement, SandRidge will transfer its 13.2% working interest in 3,480km² of US plays to Atinum for a total value of $500m.
The joint venture’s assets cover all of SandRidge’s original Mississippian Play area in Northern Oklahoma and Southern Kansas, along with wells and acreage associated with SandRidge Mississippian Trust I.
Atinum will pay $250m in cash at closing and the remaining $250m in the form of a drilling carry.
The transaction is expected to be completed in the fourth quarter of this year and is subject to certain closing conditions.
