SandRidge Closes Cherokee Asset Deal, Declares $0.13 Dividend

SandRidge Energy, Inc. closed a Cherokee Play asset acquisition during the third quarter as average output rose 10% year over year and the company kept its regular quarterly dividend at $0.13 per share. The purchase brought in about 7,000 net leasehold acres, interests in 21 wells and eight proven development locations. The properties contributed to production during part of the quarter, which ended Sept. 30. When it announced the deal in June, SandRidge described the purchase as complementary to its existing Mid-Continent drilling and leasing activity. The June agreement set $65 million in cash consideration before customary purchase-price adjustments.

Source: TokenPost