Fieldwood Energy buys Gulf of Mexico and Gulf Coast business from SandRidge

Fieldwood Energy LLC announced the closing of its acquisition of SandRidge Energy, Inc.’s Gulf of Mexico and Gulf Coast business unit for a net cash payment of approximately $705 million, which reflects adjustments to the purchase price for cash flow since the effective date and net working capital.

Production from the acquired assets currently exceeds 26,000 boepd. The acquisition further enhances Fieldwood’s position as the owner of the largest asset base on the Gulf of Mexico Shelf while also expanding the Company’s portfolio to include an onshore Gulf Coast division and the deepwater Bullwinkle field.

Matt McCarroll, President and Chief Executive Officer of Fieldwood, commented, “This is the second major transaction in Fieldwood’s first year of operations, and we are confident it will play an important role in our Company’s future success. These assets add another high-quality opportunity set of projects to our portfolio, with significant activity planned for this year. I am especially excited to welcome a group of over 70 talented employees to our organization, who will be critical to helping Fieldwood maximize the value of our assets.”

The Company has also successfully completed its debt syndication efforts, resulting in an expansion of its existing debt facilities, which include a Revolving Credit Facility, First Lien Term Loan and Second Lien Term Loan, led by Citigroup Global Markets Inc. and J.P. Morgan as well as Deutsche Bank AG New York Branch, BofA Merrill Lynch and Goldman Sachs Bank USA.

Press Release, February 26, 2014

Share this article

Follow Offshore Energy Today

Events>

<< Jul 2019 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

8th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Gas Indonesia Summit 2019

Gas Indonesia Summit & Exhibition is returning for the fourth edition in Jakarta…

read more >

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply