SandRidge Energy has signed a purchase and sales agreement with NFR Energy to sell its East Texas natural gas properties in Gregg, Harrison, Rusk and Panola counties for $231m.
The properties cover 101.171km² and have an average production capacity of 25 million cubic feet of natural gas equivalent in 2011.
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SandRidge will use the cash proceeds from the transaction to fund a portion of its oil-focused drilling programme.
With this transaction, the firm expects its production to reach 23.9 million barrels of oil equivalent in 2011 and 27.7 million barrels of oil equivalent in 2012.
SandRidge chairman and CEO Tom Ward said that the transaction is part of a capital plan to execute the firm’s three-year strategy of tripling EBITDA, doubling oil production and lowering the debt ratio by the end of 2014.
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By GlobalData
