SandRidge Energy (SD) off 1% premarket following the Chesapeake sale of 50% of its Mississippi...

SandRidge Energy (SD) off 1% premarket following the Chesapeake sale of 50% of its Mississippi Lime production for just $1.02B.

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Comments (2)
  • Bob Curtin
    , contributor
    Comments (106) | Send Message
    Looks like the valuation that CHK and Sinopec agreed to in their Mississippi Lime transaction was significantly below what CHK and SD valued their Mississippi Lime properties. CHK down 4% on a JV that improves their balance sheet and brings a partner in to share the cost of future development and SD down 5% on the news. Looks like another strategic misstep by Tom Ward selling the Permian properties and focusing on the Mississippi play. Better vote out his BOD or the shareholders will be bailing out WCT Resources by buying their land holdings at inflated prices.
    25 Feb 2013, 11:33 AM Reply Like
  • topekaj
    , contributor
    Comments (6) | Send Message
    If CHK sold only half of their Mississippi Lime acreage and got over a billion for it, it seems to look pretty good for SD doesn't it? When you consider that SD has by far the most acreage in the play, wouldn't that mean that SD Mississippi Lime properties are worth several times what CHK's was?
    25 Feb 2013, 01:37 PM Reply Like
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