SandRidge Energy of Oklahoma said it's buying Bonanza Creek Energy Inc. in a cash-and-stock deal valued at $746 million.

The Oklahoma City energy company (NYSE: SD) is paying $36 a share for the Denver energy company (NYSE: BCEI) — $19.20 in cash and $16.80 of SandRidge shares — which is a 17 percent premium over Bonanza Creek's Tuesday closing price.

"This acquisition greatly enhances our existing portfolio by adding a deep inventory of drill-ready locations in the DJ Basin of Colorado," said James Bennett, SandRidge's CEO, in a statement.

Bonanza Creek said its operations are centered in the Wattenberg Field and North Park Basin, both in northern Colorado, and the Cotton Valley field in southern Arkansas.

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