Fieldwood to acquire gulf assets from SandRidge for $750 million

Fieldwood Energy LLC has purchased certain offshore Gulf of Mexico and onshore Gulf Coast assets from SandRidge Energy Inc. for $750 million. The transaction, expected to close in first quarter, includes the assumption of $370 million of abandonment liabilities by Fieldwood, while SandRidge will retain a 2% overriding royalty interest in the deep Miocene prospects in Green Canyon Block 65 (Bullwinkle area) and South Pass Block 60. As of Dec. 1, the assets' total proved reserves were 57.2 million boe, 51% oil and 72% developed, according to a Netherland, Sewell & Associates' reserve report. The report also stated that probable reserves were 11.4 million boe and possible reserves were 9...

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