SandRidge to draw on credit facility to purchase Permian Basin assets

By Sara Rosenberg

New York, Nov. 30 - SandRidge Energy Inc. plans to use borrowings under its existing credit facility to help fund the $800 million acquisition of oil and gas properties in the Permian Basin from Forest Oil Corp., according to a news release.

Other financing for the transaction will come from $200 million of proceeds from the placement of new shares of mandatory convertible preferred stock and the proceeds of a planned public offering of common stock.

Closing is expected on or before Dec. 31.

SandRidge is an Oklahoma City-based natural gas and crude oil company.

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