SandRidge announces $400M offering

AP News
Posted: Dec 08, 2009 5:46 PM

SandRidge Energy Inc. said Tuesday it would offer $400 million in senior notes due 2020.

The oil and natural gas exploration company said it would use proceeds from the offering to help pay for its acquisition of property in west Texas from Forest Oil Corporation. If the deal doesn't work out with Forest Oil, SandRidge said the proceeds would be used for general company purposes including oil exploration.

SandRidge stock fell 30 cents, or 3.5 percent, to $8.38 in Tuesday trading.