General News | Top Story | Deals - Acquisition, Mergers, Divestitures
Midstates Chatting Up SandRidge for Possible Business Combination
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Midstates is looking to capitalize on SandRidge's failed buyout of Bonanza Creek by proposing a business combination between itself and SandRidge.
The proposed transaction would combine Midstates and SandRidge in an all-stock merger that would create the leading exploration and production company in the Mississippian Lime and STACK plays.
Under the terms of the proposal, SandRidge shareholders would own approximately 60% of the combined company and Midstates shareholders would own 40%. While SandRidge shareholders would have a larger stake in the company, Midstates proposed that the combined entity would be led by David J. Sambrooks, Midstates' President and CEO.
The companies both have acreage positions in Dewey County, Okla.
The combination would create a company with:
- Control over 450,000 net acres in the core of the Mississippian Lime play and produce over 53,000 barrels of oil equivalent per day;
- Own 75,000 net acres in the emerging NW STACK play currently being delineated through an attractive DrillCo and other operators that holds significant upside potential
Midstates STACK Assets:
SandRidge STACK Assets:
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