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.
Read more at the Denver Business Journal: http://bit.ly/2hCULcl
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