It seems like everyday I hear about another Permian asset swap. Sandridge has been one of the more active companies, and has a nice position in the Wolfberry play in particular. Last week, Sandridge announced yet another Permian Basin divestiture as it continues it’s goal of divesting non-core assets.
So the details, $155MM for 99% WI in 18,445 net acres in Martin, Glasscock, and Midland counties. These assets produced 1,600 BOE/D as of Dec 31 with proved reserves of 2.37 MMBOE.
Sandridge also recently sold $110MM of Bone Springs properties. According to CEO Tom Ward, the Sandridge goal is to hit $600-$800 MM in additional capital.
Below is a map of Sandridge producing leases in these three counties. Operators look for sweet spots in this area, the lease in eastern Midland county seems to be one of them, with over 2 million barrels of oil produced.
DI subscribers, check the DNA Wolfberry Unconventional Update for all things Wolfberry.