SandRidge to acquire Crusader Energy Group

By OGJ editors
HOUSTON, Sept. 23
-- SandRidge Energy Inc. said it will buy bankrupt Crusader Energy Group Inc. for $230 million, no more than $85 million of which will be cash. Both are Oklahoma City firms.

The purchase will close upon the effectiveness of Crusader’s Chapter 11 reorganization, expected in the last quarter of 2009. Crusader’s unsecured creditors committee and its principal secured creditors agreed to support the deal.

SandRidge said the deal will “further substantiate” its positions in the Anadarko basin of western Oklahoma and the Permian basin in West Texas. Crusader’s production revenue is expected to enhance SandRidge’s balance sheet and provide increased liquidity.

The transaction will boost SandRidge’s reserves, production, and cash flow and provide new drilling opportunities.

The acquisition agreement provides that if it is terminated by either company because the bankruptcy court approves an alternative transaction that is completed within 1 year, Crusader will pay SandRidge a termination fee.

Related Articles

People

10/17/2014 David Lawler has accepted the role of chief executive officer of BP PLC.'s Lower 48 Onshore business and resigned his role as executive vicepreside...

Fieldwood to acquire gulf assets from SandRidge for $750 million

01/07/2014

Fieldwood Energy LLC has purchased certain offshore Gulf of Mexico and onshore Gulf Coast assets from SandRidge Energy Inc. for $750 million.

Forest Oil to sell Permian basin assets

12/03/2009 Forest Oil Corp. of Denver agreed to sell its remaining Permian basin properties for $800 million to SandRidge Exploration & Production LLC.

More West Texas Overthrust exploration set

12/11/2008 Cantex Energy, in partnership with Big Canyon Energy, signed an exploration and development agreement with Slawson Exploration covering the Big Can...

SandRidge developing West Texas Overthrust

11/07/2008 SandRidge Energy expects to be operating 20 rigs in the West Texas Overthrust by the end of 2008, down from 27 rigs in early November and a third q...

Oxy invests in new large CO2 source for Permian basin EOR

07/03/2008 Occidental Petroleum with its agreement with SandRidge Energy plans to increase substantially the amount of CO2 available in the Permian basin for ...

Riata's SandRidge acquires NEG Oil & Gas

11/22/2006 Riata Energy Inc., Oklahoma City, closed its $1.5 billion acquisition of NEG Oil & Gas LLC from American Real Estate Partners, a conglomerate owned...

White Papers

AVEVA NET Accesses and Manages the Digital Asset

Global demand for new process plants, power plants and infrastructure is increasing steadily with the ...
Sponsored by

AVEVA’s Approach for the Digital Asset

To meet the requirements for leaner project execution and more efficient operations while transferring...
Sponsored by

Diversification - the technology aspects

In tough times, businesses seek to diversify into adjacent markets or to apply their skills and resour...
Sponsored by

Engineering & Design for Lean Construction

Modern marketing rhetoric claims that, in order to cut out expensive costs and reduce risks during the...
Sponsored by

Object Lessons - Why control of engineering design at the object level is essential for efficient project execution

Whatever the task, there is usually only one way to do it right and many more to do it wrong. In the c...
Sponsored by

Plant Design for Lean Construction - at your fingertips

One area which can provide improvements to the adoption of Lean principles is the application of mobil...
Sponsored by

How to Keep Your Mud System Vibrator Hose from Getting Hammered to Death

To prevent the vibrating hoses on your oilfield mud circulation systems from failing, you must examine...
Sponsored by

Duty of Care

Good corporate social responsibility means implementing effective workplace health and safety measures...
Sponsored by

Available Webcasts


On Demand

Optimizing your asset management practices to mitigate the effects of a down market

Thu, Dec 11, 2014

The oil and gas market is in constant flux, and as the price of BOE (Barrel of Oil Equivalent) goes down it is increasingly important to optimize your asset management strategy to stay afloat.  Attend this webinar to learn how developing a solid asset management plan can help your company mitigate costs in any market.

register:WEBCAST


Parylene Conformal Coatings for the Oil & Gas Industry

Thu, Nov 20, 2014

In this concise 30-minute webinar, participants have an opportunity to learn more about how Parylene coatings are applied, their features, and the value they add to devices and components.

register:WEBCAST


Utilizing Predictive Analytics to Optimize Productivity in Oil & Gas Operations

Tue, Nov 18, 2014

Join IBM on Tuesday, November 18 @ 1pm CST to explore how Predictive Analytics can help your organization maximize productivity, operational performance & associated processes to drive enterprise wide productivity and profitability.

register:WEBCAST


US HYDROCARBON EXPORTS Part 3 — LNG

Fri, Nov 14, 2014

US LNG Exports, the third in a trilogy of webcasts focusing on the broad topic of US Hydrocarbon Exports.

A discussion of the problems and potential for the export of US-produced liquefied natural gas.

These and other topics will be discussed, with the latest thoughts on U.S. LNG export policy.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected