SandRidge Energy, Inc. (SD) announced the closing its $800 million purchase of properties in the Permian Basin from Forest Oil Corp. (FST). The purchase price is subject to customary post-closing adjustments.
The company also announced the closing of its previously announced private placement of 2.0 million shares of 6% convertible perpetual preferred stock to Fairfax Financial Holdings (FFH.TO), for net proceeds of $200 million.
Additionally, the company noted the underwriters of the company's recent common stock offering had exercised the over-allotment option of 3.6 million shares, bringing the total number of shares of common stock issued by the company in the offering to 25.6 million shares and resulting in additional net proceeds of about $30.6 million. The sale of the additional shares is expected to close Wednesday, December 23.
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