SandRidge Energy closes transactions worth $258M

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City of Industry, CA --(www.USEquityNews.com)-- 07/02/2009 - Oil and Gas Drilling and Exploration industry alert provided by U.S. Equity News. OKLAHOMA CITY (AP) -- SandRidge Energy Inc. says it has closed on two previously announced transactions worth a combined $258 million.


Oklahoma City-based SandRidge said Tuesday it received $200 million from the sale of gathering and compression assets located in the Pinon Field, located in Pecos and Terrell counties in west Texas.

The buyer is an entity formed and financed by Los Angeles-based TCW Asset Management Co. on behalf on institutional clients. SandRidge will still operate the assets.

In a $58 million deal, SandRidge sold drilling rights for about 22,000 acres in Gregg, Harrison and Rusk counties in east Texas, below the depth of the Cotton Valley formation. SandRidge says the buyer was a privately owned exploration and production company.

SandRidge will use the $258 million to pay down borrowings from the company's revolving credit facility.

Copyright © 2009 The Associated Press. All rights reserved. [Read the full article]

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HOUSTON--(BUSINESS WIRE)--Bonanza Oil and Gas, Inc. (OTCBB: BGOI), is pleased to announce that Mr. Don Reynolds has joined Bonanza's Management Team as Chief Geologist.

Don joins Bonanza with over 25 years experience as a Geologist and most recently with Smith Petroleum Company. At Smith, Don assumed responsibility for the administrative, operational, financial and legal activities in addition to researching and evaluating drilling prospects. Prior to working with Smith he worked as a Geologist with Tenneco Oil Company and before Tenneco, Don was a Senior Geologist with Cabot Oil & Gas Corp. His areas of expertise are not limited to but include the Gulf Coast of Texas and Louisiana, both onshore and offshore. Mr. Reynolds is a graduate of Louisiana State University.

Bill Wiseman, President and CEO of Bonanza Oil & Gas, Inc., said, "We're
pleased to have Don Reynolds join our team. [Read the full article]

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