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SANDRIDGE ENERGY, INC. ANNOUNCES ENTRY INTO DEFINITIVE AGREEMENT TO ACQUIRE ASSETS IN THE CHEROKEE PLAY
SANDRIDGE ENERGY, INC. ANNOUNCES ENTRY INTO DEFINITIVE AGREEMENT TO ACQUIRE ASSETS IN THE CHEROKEE
About this update from Sandridge Energy, Inc.
OKLAHOMA CITY, June 29, 2026 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced the entry into a definitive agreement to acquire certain producing assets and leasehold interests in the Cherokee Play in the Mid-Continent region for cash consideration of $65 million, before customary purchase price adjustments and potential post-closing adjustments.(1)Acquisition HighlightsAcquisition assets located within the Mid-Continent region, directly offsetting SandRidge's current drilling operations and leasing programNet production of ~3.0 MBoed (~43% oil) and ~7,000 net leasehold acres provide additional inventory and expand efficient operations in the areaIncludes interests in 21 wells and eight proven development locationsImmediately accretive to key metrics, including production, EBITDA and free cash flow(2)Oily PDP production and new development are projected to further increase SandRidge's liquids mix on a pro forma basisMay 1, 2026 effective date with anticipated closing in the third quarter 2026. SandRidge plans to fund the transaction with cash on handGrayson Pranin, SandRidge's President & Chief Executive Officer, commented on the acquisition:"We're excited to continue expanding our footprint in the Mid-Continent by bolstering our inventory with quality bolt-on production and acreage that immediately offsets the area of our current drilling and leasing programs. Our team has delivered strong results in the Cherokee since entering the play in 2024, and this acquisition provides an opportunity to further expand our efficient operations in this high-quality area while striving to maintain our impressive record of more than four years without a recordable safety incident.SandRidge is uniquely positioned to fund this transaction with cash on hand while keeping a meaningful cash balance post-close to support future strategic initiatives, the Company's return of capital program and other uses."Vince Intrieri, Chairman of SandRidge's Board of Directors, further commented:"This is the second sizeable asset acquisition for the Company in the Cherokee Play as the team continues to make tremendous progress expanding its strong position in the area. Adding assets to the portfolio that further increase SandRidge's liquids mix and add quality drilling inventory will help the team continue to create value." Legal Adv...
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