WASHINGTON (dpa-AFX) - SandRidge Energy Inc. (SD) announced the filing of a Registration Statement with the Securities and Exchange Commission relating to the initial public offering of approximately $500 million in common units representing beneficial interests in SandRidge Mississippian Trust II, a newly formed Delaware trust.
The underwriters will have an option to purchase up to approximately $75 million in additional common units within 30 days of closing to cover over allotments. Application will be made to list the common units of SandRidge Mississippian Trust II on the New York Stock Exchange under the symbol 'SDR.'
SandRidge said that it intends to use the net proceeds from the offering for general corporate purposes.
In a separate press release, SandRidge Energy announced the closing of its previously announced joint venture transaction with a subsidiary of Repsol YPF, S.A., a international energy company based in Madrid, Spain.
At closing, SandRidge received approximately $250 million in cash and transferred to Repsol an undivided 16% non-operated working interest in SandRidge's original Mississippian play and an undivided 25% non-operated working interest in SandRidge's extension Mississippian play in western Kansas. SandRidge noted that it will receive an additional $750 million in the form of a drilling carry over a period of approximately three years.
Copyright RTT News/dpa-AFX
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