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SandRidge sells Permian Basin asset to focus on Mississippian
SandRidge is the biggest explorer on the Mississippian Lime play in Kansas.
SandRidge Energy Inc. has sold an oil-recovery unit working in the Permian Basin, SandRidge Tertiary LLC, for $130 million.
The buyer is Trinity CO2 Investments LLC, a carbon dioxide pipeline and supply company based in Midland, Texas.
SandRidge Tertiary has proved reserves of 24 million barrels and produces about 1,100 barrels a day in the Permian, a formation in west Texas.
Oklahoma City-based SandRidge has been shedding some assets in order to focus its development efforts on the Mississippian Lime play in northern Oklahoma and western Kansas. SandRidge is the biggest explorer on the Mississippian in Kansas.