SandRidge plans to repay bank borrowings with asset sale proceeds

By Sara Rosenberg

New York, July 2 - SandRidge Energy Inc. plans to pay down debt under its credit facility using proceeds from the sale of deep acreage rights in Oklahoma, according to a news release.

SandRidge has signed a letter of intent to sell the properties to an oil and gas company for $140 million in cash.

The transaction is subject to successful negotiation of a purchase & sale agreement and other customary closing conditions.

The company expects the sale to close in the third quarter.

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

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