SandRidge Energy buying Denver energy company for $746 million

DENVER BUSINESS JOURNAL - 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

(© 2017 American City Business Journals. All rights reserved.)
 

© 2017 KUSA-TV


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment