SandRidge sells assets for $130 million

An Oklahoma City energy company that is newly focused on oil and liquids production has completed the sale of some of its west Texas assets.

But it isn’t Chesapeake Energy Corp., which has spent much of this year looking to turn some of its lesser assets into cash to fill a large funding gap.

SandRidge Energy Inc., headed by Chesapeake co-founder Tom Ward, on Monday announced it had sold some of its noncore assets to a private party for $130 million.

The buyer was not identified.

SandRidge did not provide any details about the holdings it sold, other than to indicate they are noncore assets that produce about 1,100 barrels of oil equivalent per day.

SandRidge last year completed its transition from natural gas producer to one focused on oil and more lucrative natural gas liquids. The company’s exploration efforts are centered on the Mississippian oil play in northern Oklahoma and southern Kansas, west Texas’ Permian Basin and the Gulf Coast.

SandRidge is creating a new headquarters in downtown Oklahoma City, with an eye toward tripling its workforce there by the time it reaches its 10th anniversary in 2016.

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