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SD > SEC Filings for SD > Form 8-K on 7-Nov-2011All Recent SEC Filings

Show all filings for SANDRIDGE ENERGY INC

Form 8-K for SANDRIDGE ENERGY INC


7-Nov-2011

Other Events, Financial Statements and Exhibits


Item 8.01 Other Events

On August 16, 2011, SandRidge Permian Trust (the "Trust") completed its initial public offering of 34,500,000 units of beneficial interest in the Trust denominated as common units. In connection with the offering, SandRidge Energy, Inc. ("SandRidge") conveyed to the Trust royalty interests in certain oil and natural gas properties located in Andrews County, Texas (the "Royalty Interests") in exchange for 4,875,000 common units, 13,125,000 units of beneficial interest in the Trust denominated as subordinated units, and the net proceeds of the Trust's initial public offering equal to $581 million, after deducting underwriting discounts and commissions. The Royalty Interests entitle the Trust to a percentage of the proceeds received by SandRidge from the production of oil, natural gas and natural gas liquids from currently producing wells and development wells to be drilled by SandRidge within an area of mutual interest.

Additionally, on September 26, 2011, SandRidge agreed to sell its East Texas natural gas properties in Gregg, Harrison, Rusk and Panola counties, Texas (the "East Texas Properties") to NFR Energy LLC ("NFR") for $231 million. The transaction, which is subject to customary closing conditions, is expected to close in November 2011.

SandRidge is filing this Current Report on Form 8-K to provide certain pro forma financial information giving effect to the conveyance of the Royalty Interests to the Trust and the sale of the East Texas Properties. The pro forma financial information is filed as Exhibit 99.1 to this Current Report on Form 8-K.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits:

99.1 Unaudited Pro Forma Condensed Financial Information. Unaudited Pro Forma Condensed Balance Sheet as of September 30, 2011, Unaudited Pro Forma Condensed Statement of Operations for the year ended December 31, 2010, Unaudited Pro Forma Condensed Statement of Operations for the nine months ended September 30, 2011, and the related notes showing the pro forma effects of SandRidge's conveyance of the Royalty Interests to the Trust and SandRidge's conveyance of the East Texas Properties to NFR.


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