SandRidge Energy, Inc. Acquires Additional Interests and Terminates Executive Well Participation...

Friday October 10, 4:05 pm ET OKLAHOMA CITY, Oct. 10 /PRNewswire-FirstCall/ -- SandRidge Energy, Inc. (NYSE: SD - News ; "SandRidge") today announced that it agreed with its Chairman and CEO, Tom L. Ward and certain of his affiliated entities, to acquire all of Mr. Ward's working interest and related reserves in wells drilled by SandRidge since June 2006 pursuant to SandRidge's Well Participation Plan (the "Plan"). SandRidge paid $60.0 million in cash for the interests, subject to post-closing adjustments. In connection with the acquisition, Mr. Ward and SandRidge agreed to terminate the Plan. SandRidge expects that the acquisition and termination of the Plan will increase its net proved reserves by approximately 43 Bcf of natural gas equivalent. The Plan provided that for as long as Mr. Ward was employed by SandRidge, he had... [read full story]