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SandRidge Energy Inc announces sale of its gulf of mexico business

Tuesday, 7 Jan 2014 07:30am EST 

SandRidge Energy Inc:Says the sale of its Gulf of Mexico business, which comprises all of SandRidge's Gulf of Mexico and Gulf Coast properties, to Fieldwood Energy LLC, for $750 mln of cash and the assumption of $370 mln of abandonment liabilities.Says SandRidge will also retain a 2.0% overriding royalty interest in certain exploration prospects.Says the proceeds are expected to be reinvested over time in the company's Mid-Continent drilling projects.