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Fieldwood Energy plans new financing for purchase of SandRidge assets
By Sara Rosenberg
New York, Jan. 7 - Fieldwood Energy LLC has received a commitment for new financing to help fund its $750 million acquisition of SandRidge Energy Inc.'s Gulf of Mexico and Gulf Coast business, according to a news release.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Deutsche Bank Securities Inc., Bank of America Merrill Lynch and Goldman Sachs Bank USA are the lead banks on the financing.
As part of the transaction, SandRidge will retain a 2% overriding royalty interest in two identified exploration prospects.
Fieldwood is a Houston-based acquirer and developer of conventional oil and gas assets.
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