Posted: Dec 19, 2012 3:12 PM
Updated: Dec 19, 2012 3:14 PM
OKLAHOMA CITY (AP) SandRidge Energy Inc. is selling its Permian Basin properties in Texas to privately held Houston oil and gas company Sheridan Production Partners for $2.6 billion in cash.
Oklahoma City-based SandRidge is selling off some of its assets as it transitions from a natural gas company to one focused more on oil.
SandRidge plans to use proceeds to reduce debt and strengthen its balance sheet.
The deal is expected to close in the first quarter of 2013.
SandRidge's shares jumped 8 percent in extended trading Wednesday after the deal was announced.