SANDRIDGE ENERGY, INC. ANNOUNCES ENTRY INTO DEFINITIVE AGREEMENT
TO ACQUIRE ASSETS IN THE CHEROKEE PLAY
Oklahoma City-based SandRidge Energy is expanding its operational holdings with a $65 million acquisition of producing assets in the Cherokee Play in the Mid-Continent Region of Oklahoma, Kansas and Texas.
The company explained in its announcement, which did not identify the seller, that the acquisition assets are located “directly offsetting SandRidge’s current drilling operations and leasing program.” It was also identified as “cash consideration.”
“We’re excited to continue expanding our footprint in the Mid-Continent by bolstering our
inventory with quality bolt-on production and acreage that immediately offsets the area of our current
drilling and leasing programs,” said Grayson Pranin, SandRidge’s President & Chief Executive Officer.
“Our team has delivered strong results in the Cherokee since entering the play in 2024, and this acquisition provides an opportunity to further expand our efficient operations in this high-quality area while striving to maintain our impressive record of more than four years without a recordable safety incident.SandRidge is uniquely positioned to fund this transaction with cash on hand while keeping a meaningful cash balance post-close to support future strategic initiatives, the Company’s return of capital program and other uses.”
The Cherokee Play is primarily in the Western Anadarko Basin and its major exploration is concentrated in Ellis, Roger Mills and Woodward counties in the western and northwest regions of Oklahoma. Cherokee shale is a 200-400-foot section of black and gray shale in and around Ellis County and most of the play drilling has taken place in that county, north of the Black Kettle National Grassland. Some of the first drilling in the play started in 2020 by Mewbourne Oil Company, based in Tyler Texas.
Vince Intrieri, Chairman of SandRidge’s Board of Directors, also commented about the acquisition.
“This is the second sizeable asset acquisition for the Company in the Cherokee Play as the team
continues to make tremendous progress expanding its strong position in the area. Adding assets to the
portfolio that further increase SandRidge’s liquids mix and add quality drilling inventory will help the team
continue to create value.”
The acquisition deal had a May 1, 2026 effective date while the anticipated closing will be in the third quarter 2026.
Attorney Sidley Austin LLP served as SandRidge’s legal advisor for the transaction.
