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SandRidge plans to repay bank borrowings with asset sale proceeds
By Sara Rosenberg
New York, July 2 - SandRidge Energy Inc. plans to pay down debt under its credit facility using proceeds from the sale of deep acreage rights in Oklahoma, according to a news release.
SandRidge has signed a letter of intent to sell the properties to an oil and gas company for $140 million in cash.
The transaction is subject to successful negotiation of a purchase & sale agreement and other customary closing conditions.
The company expects the sale to close in the third quarter.
SandRidge is an Oklahoma City-based oil and natural gas company.
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